Steptoe’s new pay system for associates offers an alternative approach for law firms trying to keep up with the industry’s wealthiest players while addressing work-life balance concerns.
The firm’s associates can now choose their own billable hour targets and corresponding compensation. The policy will take effect in the new year. Those selecting the highest target—2,200 billable hours per year—can earn up to nearly $582,000 on a seniority-based scale exceeding that in place at top Big Law firms.
“To my eyes, this is the way of the future,” said Kate Reder Sheikh, a recruiter at Major Lindsey & Africa who places ...
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