The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Dewey & LeBoeuf has overhauled its compensation system, cutting pay for more than 60 partners across the firm.
Up to 66 partners at the US firm have had their compensation reduced, in a number of cases by around 80 per cent. The cuts have left certain Dewey partners taking home around $10,000 in monthly draws, or $120,000 a year.
In an internal memo sent to all Dewey partners today, chairman Steve Davis defended the amended compensation, claiming that the merit-based remuneration was not based solely on revenue generation but incorporated a range of factors to measure contribution to the firm.
The move is thought to be a part of Dewey’s firm-wide strategy to improve performance within its partnership ranks.
Last year The Lawyer reported that Dewey had put monthly partner distributions on hold while the firm attempted to build up a substantial cash cushion to protect it against the economic downturn (3 Nov 2009).
Dewey has also embarked on a number of cost reduction measures during the downturn including five office closures across the US and a redundancy consultation in the UK.