Wednesday, July 3, 2024

NYT: "Pay for Lawyers is So High People Are Comparing It to the N.B.A."

Via the New York Times

Hotshot Wall Street lawyers are now so in demand that bidding wars between firms for their services can resemble the frenzy among teams to sign star athletes.

Eight-figure pay packages — rare a decade ago — are increasingly common for corporate lawyers at the top of their game, and many of these new heavy hitters have one thing in common: private equity...

...Lawyers have earned multimillion-dollar pay packages for more than a decade. When Scott A. Barshay, one of the industry’s pre-eminent mergers-and-acquisitions lawyers, left Cravath, Swaine & Moore to join Paul, Weiss in 2016, his pay package of $9.5 million created a stir in the industry. (Mr. Barshay’s compensation has risen significantly since then, two people with knowledge of the contract said.)

But the recent jump in pay has happened at a dizzying pace and for many more lawyers. Coupled with the fierce poaching, it is swiftly reshaping the economics of major law firms. Kirkland has even guaranteed some hires fixed shares in the partnership for several years, according to several people with knowledge of the contracts. In some instances, it has extended forgivable loans as sweeteners.

I think it is relatively rare to hear about million-dollar type packages for academic chemists, and I presume that very senior pharma managers might make high-six-figure/low million salaries. I'm guessing none of them make $20,000,000/year, but I'm guessing that those chemists are also not generating tens of millions of dollars of fees either. Towards a day of million-dollar chemist salaries, I guess. 

1 comment:

  1. The problem is that being a lawyer has a really high barrier-to-entry (BA/S + law school + bar exam) with both lots of cost and time. I also thought there were lots of lawyers who weren't making huge money (or much at all), and I wonder if this isn't trying to direct people into being lawyers to cut overall salaries (lots of people try to be professional sports players but the fraction of people that succeed isn't very high and the pay for those who don't is even lower).
    Chemistry profs have lots of similarities in barriers to entry, but I don't think the need for them is as widespread as the need for lawyers, so it's hard to get the really big money. Even the profs who have been good at starting businesses (Langer, Whitesides) don't get to pro player levels of wealth. - Hap


looks like Blogger doesn't work with anonymous comments from Chrome browsers at the moment - works in Microsoft Edge, or from Chrome with a Blogger account - sorry! CJ 3/21/20