Patton Boggs proposes changes to partner pay
Patton Boggs is set to change its partner compensation formula, subject to a vote by the partnership in September.
The mooted changes include a proposal to reward long-time partners for bringing in business long after they have stopped working for the particular client. The firm intends to determine around half of partner compensation according to the new formula in 2014, and apply the new compensation system across the board by the start of 2015.
The changes follow a number of departures from the firm, including a 12-partner and 10-associate team leaving for Holland & Knight, and a team of four partners and two associates leaving for Jackson Lewis. The firm laid off 30 associates and 35 staffers in February.