Which firms have lockstep partner compensation?

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Which firms have lockstep partner compensation?

Postby Anonymous User » Sat Sep 24, 2016 11:16 am

As the title - are there very few firms who have this? Obviously Cravath does, but who else?

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Re: Which firms have lockstep partner compensation?

Postby Anonymous User » Sat Sep 24, 2016 11:17 am

Paul Weiss is like 98 percent lockstep

RaceJudicata

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Re: Which firms have lockstep partner compensation?

Postby RaceJudicata » Sat Sep 24, 2016 11:18 am


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Re: Which firms have lockstep partner compensation?

Postby Anonymous User » Sat Sep 24, 2016 11:20 am

Not OP. I'm trying to decide which firm I should work for based on whether partner's comp is lockstep.

RaceJudicata

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Re: Which firms have lockstep partner compensation?

Postby RaceJudicata » Sat Sep 24, 2016 11:24 am

Anonymous User wrote:Not OP. I'm trying to decide which firm I should work for based on whether partner's comp is lockstep.


You are joking, right?

SLS_AMG

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Re: Which firms have lockstep partner compensation?

Postby SLS_AMG » Sat Sep 24, 2016 1:26 pm

Cravath, Cleary, Debevoise. I believe there's one more.

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Re: Which firms have lockstep partner compensation?

Postby lawlorbust » Sat Sep 24, 2016 1:40 pm

RaceJudicata wrote:
Anonymous User wrote:Not OP. I'm trying to decide which firm I should work for based on whether partner's comp is lockstep.


You are joking, right?


Of all the possible reasons to choose a firm, this seems to be a pretty good one.

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Re: Which firms have lockstep partner compensation?

Postby Anonymous User » Sat Sep 24, 2016 1:49 pm

SLS_AMG wrote:Cravath, Cleary, Debevoise. I believe there's one more.


I thought DPW, STB and Skadden were too. Although, I think I heard that maybe STB modified theirs a couple years ago because Kirkland was poaching some of their younger partners.

ETA: This is notgreat. That was an accidental anon.

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Re: Which firms have lockstep partner compensation?

Postby Anonymous User » Sat Sep 24, 2016 2:04 pm

Are Covington lockstep? Thought I read that somewhere

specterdraperaxe

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Re: Which firms have lockstep partner compensation?

Postby specterdraperaxe » Sat Sep 24, 2016 2:43 pm

DPW is lockstep. Also correct on STB because of partners heading elsewhere for compensation-related reasons

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Re: Which firms have lockstep partner compensation?

Postby lawlorbust » Sat Sep 24, 2016 3:01 pm

Anonymous User wrote:
SLS_AMG wrote:Cravath, Cleary, Debevoise. I believe there's one more.


I thought DPW, STB and Skadden were too. Although, I think I heard that maybe STB modified theirs a couple years ago because Kirkland was poaching some of their younger partners.

ETA: This is notgreat. That was an accidental anon.


Skadden is not lockstep. STB hasn't been pure lockstep for at least a decade and I think it's a safe assumption that this is the more common model (obviously not inconsistent that they've further loosened the system recently.).

SLS_AMG wrote:Cravath, Cleary, Debevoise. I believe there's one more.


I'm quite, but not 100%, sure that WLRK is pure lockstep.

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Re: Which firms have lockstep partner compensation?

Postby Anonymous User » Sat Sep 24, 2016 3:40 pm

Anonymous User wrote:Are Covington lockstep? Thought I read that somewhere


Pretty sure Cov is black box rather than lockstep.

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Mr. Fancy

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Re: Which firms have lockstep partner compensation?

Postby Mr. Fancy » Sat Sep 24, 2016 3:49 pm

Anonymous User wrote:
Anonymous User wrote:Are Covington lockstep? Thought I read that somewhere


Pretty sure Cov is black box rather than lockstep.

When I interviewed there as a lateral, one of their selling points was that all partners pretty much made the same so that there was no competition and everyone works together.

notgreat

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Re: Which firms have lockstep partner compensation?

Postby notgreat » Sat Sep 24, 2016 3:55 pm

lawlorbust wrote:
Anonymous User wrote:
SLS_AMG wrote:Cravath, Cleary, Debevoise. I believe there's one more.


I thought DPW, STB and Skadden were too. Although, I think I heard that maybe STB modified theirs a couple years ago because Kirkland was poaching some of their younger partners.

ETA: This is notgreat. That was an accidental anon.


Skadden is not lockstep. STB hasn't been pure lockstep for at least a decade and I think it's a safe assumption that this is the more common model (obviously not inconsistent that they've further loosened the system recently.).

SLS_AMG wrote:Cravath, Cleary, Debevoise. I believe there's one more.


I'm quite, but not 100%, sure that WLRK is pure lockstep.


Ok, I was pretty sure Skadden was lockstep, but haven't paid attention recently. Wachtell isn't pure lockstep. It's like PW. Most of the partners are on lockstep, with a few of the senior people/rainmakers getting paid more.

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Re: Which firms have lockstep partner compensation?

Postby Anonymous User » Sat Sep 24, 2016 5:56 pm

Mr. Fancy wrote:
Anonymous User wrote:
Anonymous User wrote:Are Covington lockstep? Thought I read that somewhere


Pretty sure Cov is black box rather than lockstep.

When I interviewed there as a lateral, one of their selling points was that all partners pretty much made the same so that there was no competition and everyone works together.

From what I gathered, it's black box but most people in a similar year range are close enough to not make it a pissing match.

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Re: Which firms have lockstep partner compensation?

Postby Anonymous User » Sat Sep 24, 2016 7:44 pm

Anonymous User wrote:
Mr. Fancy wrote:
Anonymous User wrote:
Anonymous User wrote:Are Covington lockstep? Thought I read that somewhere


Pretty sure Cov is black box rather than lockstep.

When I interviewed there as a lateral, one of their selling points was that all partners pretty much made the same so that there was no competition and everyone works together.

From what I gathered, it's black box but most people in a similar year range are close enough to not make it a pissing match.


(Anon from before who stated Cov is blackbox.) I have the same impression impression from the summer program last year. That said, I'm sure folks like Lanny Breuer and Eric Holder and other rainmakers (like in IP lit) are significantly better off than other partners. But given Cov's PPP, money isn't the reason why people stick around. It isn't often that you hear about Covington partners being poached (at least in DC), and they really emphasize the culture and sharing work among partners because there's at least less incentive to hoard work. But that said, my recollection is 99% that partner comp is blackbox—though it's clear that whatever is in that box, it's not just eat-what-you-kill in disguise.

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Re: Which firms have lockstep partner compensation?

Postby AdamDeMamp » Sat Sep 24, 2016 8:08 pm

Had a buddy whose Dad was a partner at STB; he said it was lockstep except you got bonus comp for being practice group head, serving on firm committees, etc. This was a few years ago though, so maybe they've changed stuff up given losses of partners to K&E etc.

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Re: Which firms have lockstep partner compensation?

Postby RaceJudicata » Sat Sep 24, 2016 9:23 pm

lawlorbust wrote:
RaceJudicata wrote:
Anonymous User wrote:Not OP. I'm trying to decide which firm I should work for based on whether partner's comp is lockstep.


You are joking, right?


Of all the possible reasons to choose a firm, this seems to be a pretty good one.


At most (or all) of these firms, chances at partnership are vanishingly small. Why does partner comp matter to you?

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Re: Which firms have lockstep partner compensation?

Postby ozymandius » Sat Sep 24, 2016 10:13 pm

This is absolutely a good reason to choose a firm. In fact, the low chances of partnership at a firm make this factor more important, because arguably lockstep compensation is bad for some partners, some of the time, but it is an unqualified good for associates. Lockstep partnership means a much more pleasant work environment, as the most greedy and shitty partners tend to self select for other places.



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