Martin Lipton of Wachtell, Lipton, Rosen & Katz turns 80

There is an interesting article in the ABA Journal about how the 80th birthday of Martin Lipton - a founder, rainmaker and mergers partner at Wachtell, Lipton, Rosen & Katz – has precipitated speculation about how Wall Street law firm will change when he eventually leaves. Currently the firm has just one office, in New York; the partners do most of the work instead of passing it on to teams of junior lawyers; the bills by the case rather than by the hour; and the partners are paid on a lockstep compensation system tied to seniority. And this system, the ABA Journal points out, seems to be working, at least by one measure: profits per partner last year were $4.3 million, more than any other law firm.

Martin Lipton of Wachtell, Lipton, Rosen & Katz turns 80 abajournal.com Fri, Jun 24, 2011