Overall legal rates are still rising, but the more useful story sits beneath the averages: which industries absorbed the pricing pressure, which firms gained leverage, and which categories of work drove costs higher.
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Paul, Weiss, Rifkind, Wharton & Garrison and Hogan Lovells have joined the growing roster of Big Law firms matching the year-end and special bonus scale set by Cravath, Swaine & Moore earlier this week.
Even as top law firms have reached new revenue and profitability peaks, between 10% and 30% of partners are making less money year to year, as firms focus on retaining top performers.
About 52% of lawyers surveyed by Law 360 Pulse are satisfied with their total compensation, but the percentage increases to 74% among lawyers working at firms that practice pay transparency.
Employers on both sides of the Atlantic hiring in the EU will need to track and report pay data accurately and ensure compliance with the new transparency requirements.
