Katzke & Morgenbesser LLP的动态

?? The rounds will be on the Freshfields associates this weekend ?? Freshfields have dropped a HUGE pay rise ahead of the long weekend, putting them in the mixer with their US rivals and considerably ahead of its Magic Circle counterparts who remain at ￡125k. Freshfields have always led the charge when it comes to the 'Magic Circle' pay war and have come out strong once again. Will the rest of the MC follow suit? History says yes, and that it's a matter of when not if, but this decision will not come lightly (and certainly not cheaply) for the other MC firms. The most interesting firm to watch out for is going to be A&O Shearman, as they recently confirmed that those qualifying from Shearman will come in on the A&O pay scale - meaning that those who started their TC's at Shearman expecting to qualify on ￡145k, will now actually be qualifying on ￡125k. But perhaps this move from Freshfields will force A&O Shearman's hand? Freshfields have long been a 'feeder firm' for the US giants - especially on the Corporate and Finance side of things. The question now of course is: has the gap been closed enough? My feeling is (bearing in mind when I was training at FBD the NQ salary was ￡67.5k) that this salary rise will certainly keep more at Freshfields and have the intended effect - especially when you consider the number that actually lands in your bank account per month post tax... Now clearly this is only the NQ salary, and as we all know, English firms 'bunch' salaries as associates move up the PQE ladder, so what will be key to understand is what things look like for 2nd, 4th, and 6th year associates and how these numbers compare to those HQ'd on Wall St. But regardless of this, I think a large number of Freshfields associates will be extremely happy right now and will be putting a pin in any exit plans for at least a little while now. Finally, the cynic in me is a huge fan of the timing of this announcement being two days after the A&O Shearman go live date. Coincidence? https://lnkd.in/ev2eMf3P.

?? Mind-blowing numbers from the latest legal industry compensation report! https://lnkd.in/eBpehBvJ Partner billing rates at major US law firms have skyrocketed to an average of $1,114/hour - a stunning 36% increase since 2022 and 83% jump from a decade ago. Some top partners are commanding $2,500/hour! ?? The results? Average partner compensation at the top 200 US firms surged 26% to $1.4M, with equity partners averaging $1.93M. One partner even reported earning $23.7M in 2023! ?? ?? What do you think? ? Are you seeing similar trends of increasing billable rates and partner compensation in your firm? Share your thoughts below! ?? #LegalIndustry #LawFirm #BusinessOfLaw #LegalTrends #Leadership #CompensationTrends #LegalNews #BusinessGrowth

?? ?? Eye-Popping Partner Pay – But What's the Real Story for Junior Lawyers? A recent AFR article (sorry, behind a paywall) on partner pay reveals some jaw-dropping figures—top partners at firms like Corrs Chambers Westgarth, Allens, and Herbert Smith Freehills are reportedly taking home $5 million and even up to $7 million a year. It’s attention-grabbing and illustrates the competitive pressure among top-tier firms to secure big-billing rainmakers, particularly with global players like White & Case entering the Australian market. However, for junior lawyers, it’s essential to take these numbers in context. While a handful of partners are achieving these high earnings, the reality for most partners (and at the majority of firms!) is quite different and more modest. The top figures reflect rare, highly competitive positions for those at the pinnacle of the profession. The majority of partners, especially those early in their partnership journey, typically earn far less and often start on part-salaried arrangements before moving up the equity ladder. For junior lawyers, this insight into partner pay may be inspiring but remember: the real value of a firm goes beyond salary. Look for firms that invest in career development, mentorship, and a culture that supports a sustainable path to partnership. High pay is attractive, but professional growth and fulfillment will make all the difference in the long run. Peppercorn Recruitment Peter Liaw Sara Taylor Bianca Faulke-Tanner Queensland Young Lawyers #LegalCareer #JuniorLawyers #PartnerPay #LawFirmInsightshttps://lnkd.in/gfEqcsp9

The timing of this announcement, just days after the A&O Shearman go-live date, seems like more than just a coincidence to us. Freshfields has made a significant pay rise, putting them on par with their US rivals and well ahead of other Magic Circle firms who remain at ￡125k. Historically, Freshfields has been a leader in the 'Magic Circle' pay increases, and this move reinforces that position. It's expected that other Magic Circle firms will follow suit, but it won't be an easy decision for them, considering the cost involved. A&O Shearman is particularly interesting to watch, as those qualifying from Shearman will now come in on the A&O pay scale, potentially causing some tension. Freshfields has traditionally been a feeder firm for US giants, especially in Corporate and Finance. The question now is whether this pay rise closes the gap enough to retain talent. With the NQ salary rise, more associates are likely to stay at Freshfields, especially considering the take-home pay post-tax. While this is only the NQ salary, it's important to consider salary progression as associates move up the PQE ladder. It remains to be seen how salaries for 2nd, 4th, and 6th year associates compare to those in Wall Street firms. Nonetheless, many Freshfields associates are likely to be pleased with the pay rise and may delay any plans to leave the firm. https://lnkd.in/eQQwBgsg

Congratulations to the following members of our Employment team, for their rankings in the latest edition of The Legal 500 UK: ? Chris Aldridge | Next Generation Partner ? Claire Knowles | Leading Partner ? Juliette Franklin | Leading Partner Check out our Employment team here: https://lnkd.in/eNn9rKfe #TheLegal500 #EmploymentLaw #AcuityLaw

?? Edwin Coe LLP has named Lara Mardell as an of counsel, strengthening its private client team. Read more on eprivateclient

Our Co-founder and Partner Scott Yaccarino shares with The American Lawyer his view of Big Law partner pay trends, noting that new high-water marks in compensation are sustainable. "I don’t believe we’re seeing a bubble with respect to partner compensation. Demand for legal services is up, billing rates seem stable, and given interest rates and the state of the capital markets, the market isn’t even moving near full speed." #legalindustry #lawfirms #lawfirmleadership #lawfirmlife #biglaw #legalrecruitment #legalcareers #lawcareers

In his latest article for The American Lawyer, Patrick Smith dives into the evolving trends and complexities of lateral partner pay guarantees within Big Law. While these compensation guarantees have had their ups and downs over the years, the article highlights how their cyclical use is often driven by firm economics, recruiting strategies, and individual lateral decisions. As Jon Truster, partner in our New York office, explains in the article, "For the most part, [guarantees] are used for partners in transactional practices, and especially with private equity attorneys now. But it isn't something a full practice needs." Jon’s insights shed light on how strategic this approach can be for certain practice areas, offering value to specific individuals without necessarily being a firm-wide mandate. Read the full article here*: https://lnkd.in/gzkxHNAd *Note this does sit behind a pay wall and a subscription may be needed to read the full article.

The article from Law.com's The American Lawyer discusses the need for law firms to transition away from the opaque and outdated 'black box' compensation models to more transparent, performance-based systems. The traditional black box models, which rely heavily on subjective criteria, tend to hinder revenue generation and demotivate non-equity partners and mid-tier performers by obscuring their compensation pathways. More modern approaches, advocated in the article, emphasize data-backed yet human-centric metrics, evaluating partners not just on revenue but also on other valuable contributions like cross-collaboration and client retention which are crucial for the firm’s holistic success. Read the full article at: https://lnkd.in/eJ3iMq8m Subscribe to our newsletter at www.legalleaderscircle.com

Why do some elite #lawfirm partners earn more than others? And how does leadership attract laterals while retaining top superstars? This Bloomberg Law report explains the factors that determine #BigLaw salaries: https://lnkd.in/eT2yDMmJ #law