Once in a while the unvarnished truth shines through.
Gina Passarella of The Legal Intelligencer does great reporting in a story about law firm salary increases.
Usually law firms tiptoe around the question of whether ever-escalating rates and starting salaries find their way into the clients’ pocket. But not this time, courtesy of Schnader Harrison Segal & Lewis Chairman Ralph G. Wellington:
“Clients ultimately bear the burden of all of this.”
To add to the substance of the story, Ms. Passarella gets this out of President Patrick J. O’Connor, President of Cozen O’Connor:
“We think at some point there comes a limit of what firms can pay associates because of the competition for clients.”
Competition for clients. That’s a useful area of focus for managing partners, to counterbalance the usual remarks of the “war for talent” zealots.
Two cheers for two firm leaders who are at least in the right ballpark from the client’s perspective.