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BigLawMoney and Meaning in the Modern Law Firm$
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Mitt Regan and Lisa H. Rohrer

Print publication date: 2020

Print ISBN-13: 9780226741949

Published to Chicago Scholarship Online: September 2021

DOI: 10.7208/chicago/9780226742274.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 17 May 2022

The Material Economy of Compensation

The Material Economy of Compensation

Chapter:
(p.121) 6 The Material Economy of Compensation
Source:
BigLaw
Author(s):

Mitt Regan

Lisa H. Rohrer

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226742274.003.0007

Chapter 6 describes how law firm partner compensation systems allocate financial rewards. It describes the elements of the most common systems, and how firms today use compensation more explicitly than before to provide incentives for partner financial productivity. It introduces the concept of rainmakers, who are partners who generate significant business for the firm, and service partners, who do the work for the clients that rainmakers bring to the firm. The chapter notes increasing emphasis in compensation on what is known as "origination," which is bringing clients to the firm. It then describes how a firm's compensation system is based both on the application of criteria by a firm's compensation committee, and by the results of an internal market among lawyers in the firm in which credit for origination is allocated through informal negotiations. The chapter discusses how the operation of this internal market can disadvantage women with respect to a firm's compensation decision.

Keywords:   compensation, rainmakers, service partners, origination credit, compensation committee

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