Big Law's Big Paychecks: Partner Compensation, Explained

The video discusses the compensation models in law firms, focusing on the differences between lockstep and merit-based systems. It highlights how merit-based systems have allowed firms to attract top talent by offering higher pay, unlike the traditional lockstep model. The video also explores the black box model, where salaries are kept secret, and the distinction between equity and non-equity partners, emphasizing the financial implications of each model.

Why might some partners prefer a merit-based compensation system over a lockstep system?

What concerns do partners have regarding the black box compensation model?

How does Sandra Goldstein's position at Kirkland illustrate the differences in compensation models?