“A generation ago, clients were reflexively loyal to their law firms. At Cravath, young lawyers are carefully selected and then rigorously trained and promoted in what has become known as the Cravath system. A desire to change the Cravath system and the resulting internal friction was a factor in some of the recent departures. “Kirkland is the antithesis of Cravath when it comes to compensation,” said Bruce MacEwen, president of Adam Smith, Esq., a consultant to law firms, who writes widely about their economics. This year, Kirkland edged out Cravath on that count, too, with average profits per equity partner of $4.7 million, according to The American Lawyer.

Source: New York Times April 26, 2018 21:38 UTC