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Firms Increasingly Making Partners Pay to Leave
As law firms look to protect themselves from cash walking out the door in a low-demand market, they are increasingly looking at methods to discourage lateral departures and, perhaps more importantly, are enforcing those methods more frequently.
To a point, consultants say, moves to claw back bonuses from departing lawyers ' like what Legal Week recently reported happened when Kirkland & Ellis sought the return of a $120,000 bonus from a partner leaving for Latham & Watkins (see, “Kirkland Asks Asia Partner to Pay Back $120,000 Bonus Before Leaving for Latham“) ' should not come as a surprise to partners who agree to terms that serve to protect the overall financial health of their firms.
But the lengths to which some firms have gone to financially penalize a lawyer looking to move to another firm could backfire when those firms attempt to recruit new talent, consultants say.
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