OPINION: The gaps in partner pay are widening as firms rejig remuneration models to reward top performers.
These firms are doing more to reward top performers, while imposing financial sanctions on persistent strugglers.are trying to include qualitative performance elements in their remuneration decisions.The key message is that while there is no one perfect system, there is a broad movement towards models with more flexibility.1. Attracting and retaining top talent
Across the premium end of the Australian market, the difference between the top- and bottom-earning partners appears to be widening.A 2020 study by Roch and D’Cruz showed many firms were lowering the salary bar for new entrants and paying more for top performers.$6 million salary of CEO Gavin MacLarenIn this market, firms with inflexible remuneration models will find it harder to recruit laterals and fend off the advances of aggressive competitors with deeper pockets.
The contribution of a partner integrating ChatGPT into the firm’s systems could be extremely valuable, but very different to one overseeing a long-running patent infringement case. Client feedback and metrics around staff stability and satisfaction are also improving. Almost all firms do a staff engagement survey, and some have added regular “pulse checks”. Exit interviews are analysed for trends and insights.
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