Some partners last year “doubled their book of business, and not just from $20 to $40 million, but $60 to $120 million,” noted Blane Prescott. “More firms are struggling with: what should the top be?”
The widening gap between the most profitable law firms and everyone else has been one of the most durable themes in Big Law. But segmentation is also happening within firm partnerships, some industry observers say, and it’s become even more of a challenge for law firm leaders as high-performing partners bring in more revenue than their peers.
After a windfall 2024 for many firms, legal recruiters and consultants say firm compensation systems are still struggling to account for their top rainmakers, as well as how to ensure the rest of the partnership doesn’t get “left behind.”
