White & Case faces fresh revolt over partner compensation
White & Case faces fresh revolt over partner compensation" />White & Case chairman Hugh Verrier is coming under increasing pressure this week to rejig the firm’s compensation structure for more junior partners in London in the wake of the dramatic resignations of Maurice Allen and Mike Goetz.
Verrier flew into London last weekend for a series of crisis meetings with staff. He was accompanied by global head of finance Eric Berg. As The Lawyer revealed yesterday, Berg will stay in London for the time being to shore up relationships with key clients such as Deutsche Bank.
The firm is currently in the throes of assessing partner compensation, with the final decisions being made by the end of next month – something which has put partner pay right at the top of the agenda in the firm’s embattled City office.
A White & Case source told The Lawyer: “We’re paid in dollars not sterling and we’re underpaid compared to our competitors. Something needs to be done.”
The issue is particularly sensitive given London’s lack of representation on the firm’s powerful partnership committee, which has the final say on remuneration across the firm.
White & Case declined to comment.
Readers' comments (2)
Anonymous | 13-Mar-2008 12:21 pm
Money talks
After all the raking about for the real reason for Maurice's departure, this may nail it: if UK partners at W&C are really paid in dollars then one can see that all this talk of management spats etc have nothing to do with it (or was it just perhaps a smokescreen to add dignity to the cash-related departures). Any W&C partner in the UK paid in dollars would likely be better off in a firm that paid in pounds. Considering the dollar is expected to weaken against the pound for the next year or two it would be no surprise if there wasn't a mass exodus to sterling-paying firms. Must be tough to get your quarterly lump sum of dollars only to see it drop in value before you can even spend it.
Unsuitable or offensive? Report this comment
Anonymous | 14-Mar-2008 4:51 pm
$$ and W&C
Money and W&C were always like oil and water. They always said they were competitive in the field and paid just like all the other big law firms.
This is whether you're a partner, an associate or part of general administration. They are not competitive and do NOT pay like other firms.
There are a lot of ex-W&C employees that can testify.
Unsuitable or offensive? Report this comment