Monday, July 16, 2007

Deequitization: not just in the US anymore....

I've written in the past about some of Chicago's best firms deequitizing partners that do not meet the firm's productivity "standards". This is a trend all over the country these days.

But it is world-wide now. British firms were always known for their lockstep compensation packages (a la Cravath in New York), lower hours and tenure system. But when one of the Magic Circle firms, Freshfields, is doing the same thing, you have to sit up and listen.

It all come down to this: you wanna do the BigLaw thing? That's great. But the so-called "good old days" are over and have been supplanted by business concerns. The trade-off? Phenomenal compensation that you, in a word, EARN.