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Any intel on Peckar & Abrahams?
Any family lawyers here?
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I can see every hour worked, every dollar of credit and every dollar of pay by partner and counsel. Probably even more detail if I looked hard enough. Every year they put a thousand page financial guide on the intranet with anything you could ever want.
T-5 too
We have full transparency at my firm, down to the penny. I am a NEP too.
I am at a firm with 10 partners and we set compensation for everyone as a partnership. A committee makes a recommendation every two years and we vote on it.
Yes, it’s a partnership.
This varies from total transparency to complete black box.
Not a clue, other than what you hear through the rumor mill
The answer to this will likely depend on the partnership structure and your place in it. If you are an equity partner you should have total visibility into the finances of your business like P1 does, regardless of size. Bigger firms with more sophisticated bookkeeping and accounting setups will have probably the most data. You want to know which case assistant got the biggest bonus in Peoria? No problem.
If you are a non-equity partner, then it is less likely since you would not be a true partner in the business.
If you don't have full transparency, regardless of what your firm tells you, it's probably a multi tier partnership with NEP and multiple tiers within both NEP and equity partner ranks. Otherwise, that info should be on intranet.
Depends on the law firm. Some are closed comp shops where only a limited number of partners know what every other partner is making. In others, this information will be more widely shared
Our large regional firm is 100% transparent on salary and bonus for all partners. But no one other than our managing partner sees hours billed or realization for anyone, including associates. It’s an atypical model, but it works for us - and it’s the only reason I’m still doing this. It’s lawyer utopia, IMO - sophisticated work - we are often opposite big law firms. But we (usually) have reasonable WLB, and we make good money. Def more than is needed for a lovely life in our area.
When I was an associate in big law all the partners knew each others’ equity points but idk about salary