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Davis Polk’s Move Away from Total Lockstep – Another Arrow in Heart of Practice of Law as a Profesion

imageTalent wants the money.To come.And, to stay.

Going going and almost gone is the notion of practicing the law as a genteel profession.

Instead it is a business and in that business, as in many businesses in the American brand of capitalism, the players want to maximize profits.

Recently, Davis Polk has recognized that.It has made a move away from a total lockstep compensation system.

As Bloomberg Law reports, law firms which remain locked into lockstep compensation are vulnerable to poaching.

An example of this is that Kirkland & Ellis was able to snatch talent from prestigious but lockstep Cravath.

Of course, since lockstep rewards seniority it can encourage loyalty.However, in the current volatile global economy, loyalty might be becoming an anachronism.In return for loyalty, lawyers expect old-line tradeoffs such as job security and title.Forget it.

Law firms are forcing out nonequity partners and demoting equity ones.

The answers about your professional life are inside you.You will learn through coaching how to open yourself up to them.And unleash opportunity.Small changes can have big results.

Affordable rates (sliding scale).Make an appointment for complimentary consultation ([email protected]) Download UnleashingPossibilitywithJaneGenovaCareerCoaching.

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Written by ExpressLife

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