Patton Boggs' strategic committee to change compensation formula Gabrel
According to Politico, an all-partners meeting last week revealed a plan to revamp its compensation formula and bring in new management, a plan which is expected to be approved in September. Its strategic committee has been working for months towards a complex formula that would benefit mostly long-time partners, the article reported.
Changing legal scene
The deputy chairman of Patton Boggs’ public policy department – Kevin O’Neill – told Politico that ‘this was part on an ongoing evaluation of the changing legal landscape, something that has been happening in most major law firms for some time.’ Patton Boggs has seen 17 partners leaving the firm in June and a 65-member staff lay off in March. Its revenue has fallen 6.5 per cent to $317.5 million according to the American Lawyer’s latest figures with average profit per partner falling 15 per cent to $735,000.