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When I was a partner we had access to all of the financial info by dept and partner and everyone’s hours etc all the time.
I don't know if it's the case for all firms, but the two large firms I was a secretary at circulated reports with all the partner's pay and bonuses annually.
I'm a corporate lawyer so I don't deal with partnerships a lot but I think even limited partners have a right to the key financial information about the partnership.
Oh, that's fuunnn!!
There are two types of firms—open comp and closed comp. Closed comp firms keep everything secret with exec committee deciding comp. Firms with open comp have a comp committee of partners that changes members every year or few years.
This. Our firm will change from open to closed and I am already anticipating the mutiny.
All secret at my firm and even associates aren’t paid in lockstep. Management uses this to its advantage and negotiates separately with each partner.
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you have access to all that information usually. i’ve been at several firms that do this, large/national, mid-size/regional, and smaller/more local/boutique (but with enough people to have a partner base). also worked in many different areas of law. I am going to miss some but: ID, PI, professional liability, corporate law, PIP work (auto insurance defense), and now family.
Yes we have total transparency on salary and bonuses