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May 31, 2024
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This is probably very dependent on the firm and person
Idk but big law partners are getting paid CASH and not 95% of their comp be deferred stock of a shitty bank that vests over 5 years (imagine getting paid CS, DB or Barclays stock?)
Ya but they have to "buy in" to the firm as well--which is part of the definition of a partnership
The answer is Global Head at a BB. However, you're thinking about law compensation wrong. The Office Managing Partner doesn't necessarily get increased compensation for their role as the OMP. Often times they are still responsible for generating lots of billable hours, which is the primary driver of their compensation. In fact, the percentage of profits allocated to partners at a law firm is mostly tied to billable hours. Therefore the top earners at the law firms are the ones who are getting billable credit for the major relationships. They don't even have to directly work on the deals / matters. For example, if Bob the Corporate Lawyer owns the relationship with Public Company X, and Public Company X is involved in litigation which is handled by Mike the Litigation Lawyer, Bob would often times be credited for this revenue. Note there are some exceptions but this is largely the rule.
Understood, I mean head of the entire firm, not just an office managing partner. Obviously can’t really compare head of a law firm to head of a global bank, so thought this was the better comparison. Not sure if that changes anything…
You might be referencing the CEO? I don’t know the answer to that. I imagine CEO pay for the big law firms might be somewhere on the internet if you google around.
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