"The war for talent is becoming increasingly fierce this fall, as firms continue to seek to set themselves apart. Just look at Latham & Watkins’ latest steps, including its recent partner hires and its decision to match fall bonuses for associates." - Andrew Maloney, Law.com, November 3, 2020.
Currently, Law.com, like much of the legal media, is focusing on bonuses (off-season and seasonal) and compensation contracts for brandname laterals. Yes, the world of large law firms is a game with rules focused on the acquisition, preservation and growth of wealth. That's exactly why the pay cuts during early COVID were so devastating to players of that game.
But what's still a faint creek under the floorboards is that the game is equally or even more about power.
The elite law firm is as political as what goes on Inside the Beltway. Career coaches who are straight with those they guide warn: Don't go into the AmLaw 200 unless you are comfortable being a political animal. A wrong interactional encounter can knock them out of the box for not only partnership but also the job. It's not hyperbole to sum up the ethos as the divine right of equity partners. Essentially, they represent the package of both wealth and power.
Brandname lawyers have defected from their long-time home base because the money or the power or both were disappointing or even offensive.
Given the urgency of the talent search in this time of uncertainty for law firms. those recruiting have to provide more than enough of the bucks and the influence for those they want to on the frontlines. Then, they can showcase those acquisitions in the legal media and pitch them to clients and prospects.
A major point of differentiation in the law-firm sector has become those names are on the marquee. Law firms have mutated into Old Hollywood: an industry operating on star power. A star which can no longer twinkle is finished, just in the Golden Era of Movies.
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