Law firms are fracturing partnerships by raiding each other for talent in London and New York
email rounding up the latestIf a reminder were needed that we are living in a material world, it emerged this week in the once-stuffy profession of corporate law. The US firm Paul, Weiss, Rifkind, Wharton & Garrisonits larger rival Kirkland & Ellis for several top private equity partners, the kind of people who get paid up to $20mn a year.
This pains the leaders of law firms trying to retain prized partners, who can not only defect and be paid more elsewhere but see no moral reason to resist temptation. “Loyalty used to mean something but then pay started rising dramatically and, one by one, the lockstep systems broke,” says one senior lawyer, rather sadly.
One culprit for lawyers becoming so footloose is Kirkland & Ellis, which turned itself into the world’slaw firm by rejecting tradition and poaching partners from others. Kirkland’s rivals are rude about it behind its back but money talks: its 505 equity partners took home an average $7.5mn last year.
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