Jason Taverner wrote:Monochromatic Oeuvre wrote:In revenue per lawyer, second-place S&C is closer to something like the 175th ranked firm than is it to Wachtell. That's just a different planet.
Also, if WLRK partners made $5.5M this year, and bonuses were 100% of base when it was $4.4M...I don't even want to think about what bonuses were like there.
I don't think you're getting how PPP is accounted for here. An increase in associate bonuses would be a decrease in the PPP figures.
The one million more that WLRK pulls in RPL is absolutely absurd, though, you're right. They clearly know what they're doing.
Right, but since we don't know if their bonuses are up (or were up last year) we don't know if the figure includes increased associate bonuses and would in fact be even higher if they hadn't.
But hey, they're more like the model we should have. Demand top-level talent, and pay according top-level salaries. If I were at S&C and required to have a 3.7 before they'd even look at me, I'd be pissed they wouldn't pay me more than Cadwalader.
Those fee arrangements really are unique to them, though. Someone who knows Herb Wachtell said he described the firm's practice as "We do everything we can think of, research everything, write memos about everything, and bill for it all. And if a client doesn't like it, they can go somewhere else."