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Law Firms Are Rethinking Comp Systems to Recruit and Retain High Performers
From Paul, Weiss, Rifkind, Wharton & Garrison moving to a closed compensation system to Cravath, Swaine & Moore abandoning a pure lockstep model and hiring nonequity partners, elite law firms are implementing a variety of changes to their pay systems.
No matter the approach, firms appear to have a common goal in mind when making such changes: widening the ratio in pay for the highest and lowest-paid partners in order to better recruit and retain high performers. In the last 20 years, the partner pay ratio has grown from 3:1 to at least 8:1 at firms that have shown the most success, said management consultant Kent Zimmermann, a partner at Zeughauser Group.
"When you look at the firms that have broken through in most competitive practices and cities, like M&A and private equity in New York, the competitors that are breaking through and over time becoming greater market leaders in those competitive areas tend to have rising ratios," Zimmermann said.
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Bonus Content: How Emerging Technologies Are Impacting IP: A Chat With Legalweek Speaker Ryan Phelan
In advance of Legalweek '25, a Q&A with conference speaker Ryan Phelan, a partner at Marshall, Gerstein & Borun and founder and moderator of legal blog PatentNext, to discuss how courts and jurisdictions are handling novel technologies, the copyrightability of AI-assisted art, and more.
Overview of Regulatory Guidance Governing the Use of AI Systems In the Workplace
Businesses have long embraced the use of computer technology in the workplace as a means of improving efficiency and productivity of their operations. In recent years, businesses have incorporated artificial intelligence and other automated and algorithmic technologies into their computer systems. This article provides an overview of the federal regulatory guidance and the state and local rules in place so far and suggests ways in which employers may wish to address these developments with policies and practices to reduce legal risk.
Is Google Search Dead? How AI Is Reshaping Search and SEO
This two-part article dives into the massive shifts AI is bringing to Google Search and SEO and why traditional searches are no longer part of the solution for marketers. It’s not theoretical, it’s happening, and firms that adapt will come out ahead.
While Federal Legislation Flounders, State Privacy Laws for Children and Teens Gain Momentum
For decades, the Children’s Online Privacy Protection Act has been the only law to expressly address privacy for minors’ information other than student data. In the absence of more robust federal requirements, states are stepping in to regulate not only the processing of all minors’ data, but also online platforms used by teens and children.
Revolutionizing Workplace Design: A Perspective from Gray Reed
In an era where the workplace is constantly evolving, law firms face unique challenges and opportunities in facilities management, real estate, and design. Across the industry, firms are reevaluating their office spaces to adapt to hybrid work models, prioritize collaboration, and enhance employee experience. Trends such as flexible seating, technology-driven planning, and the creation of multifunctional spaces are shaping the future of law firm offices.