Why Your Firm Might Want To Shake Up Its Comp System

Law360 (March 26, 2020, 4:48 PM EDT) -- A new report from legal recruiter Major Lindsey & Africa on different partner compensation structures found that open, closed and lockstep systems all have advantages and disadvantages, but that firms using closed systems might have the most to gain by making a switch.

The research, which was compiled based on survey data from over 4,000 attorneys at firms with at least 50 lawyers, found that about two-thirds of firms are “open” firms, where partners all know their fellow partners’ compensation or can find it out easily — though researchers believe that some of these firms have been getting less open in...

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