Compensation takes on an outsized meaning in law firms, in part because it is often the only meaningful feedback that equity partners receive from the firm about their performance and status in the firm.
Much has been written in recent weeks on the gender pay gap in law firm partnerships.
While most law firms have emphasized teamwork as a core value for many years, we see a renewed interest from firms in prioritizing collaboration.
Credit for work originated by a partner has become the centerpiece of partner compensation in many firms, in particular but by no means exclusively among US firms.
The following Insight captures the thinking of Fairfax consultants Lisa Smith and Kristin Stark during a panel discussion about partner compensation in the context of merger discussions.