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Partner Pay Spread Increases for Top Law Firms Amid Partnership Model Changes
Amid unprecedented billing rate hikes and an escalation of the battle for rainmaking talent, Am Law 100 law firms again raised the stakes on partner pay last year, increasing the average distance between their highest- and lowest-paid equity partners, according to ALM survey data on pay ratios.
At the same time, the average spread among Second Hundred firms fell a bit, as that segment arguably focused on building leverage and increasing lawyer head count last year.
The Am Law 100 upped its average equity partner pay spread from 9.8-to-1 in 2022 to 10.3-to-1 in 2023, according to a sample of firms' data. Meanwhile, the average gap for Second Hundred firms dimmed from 9.5-to-1 to 9.2-to-1, and the Am Law 200 overall saw a slight uptick in the average comp ratio, from 9.6-to-1 to 9.7-to-1.
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Bonus Content: How Emerging Technologies Are Impacting IP: A Chat With Legalweek Speaker Ryan Phelan
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Businesses have long embraced the use of computer technology in the workplace as a means of improving efficiency and productivity of their operations. In recent years, businesses have incorporated artificial intelligence and other automated and algorithmic technologies into their computer systems. This article provides an overview of the federal regulatory guidance and the state and local rules in place so far and suggests ways in which employers may wish to address these developments with policies and practices to reduce legal risk.
Is Google Search Dead? How AI Is Reshaping Search and SEO
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While Federal Legislation Flounders, State Privacy Laws for Children and Teens Gain Momentum
For decades, the Children’s Online Privacy Protection Act has been the only law to expressly address privacy for minors’ information other than student data. In the absence of more robust federal requirements, states are stepping in to regulate not only the processing of all minors’ data, but also online platforms used by teens and children.
Revolutionizing Workplace Design: A Perspective from Gray Reed
In an era where the workplace is constantly evolving, law firms face unique challenges and opportunities in facilities management, real estate, and design. Across the industry, firms are reevaluating their office spaces to adapt to hybrid work models, prioritize collaboration, and enhance employee experience. Trends such as flexible seating, technology-driven planning, and the creation of multifunctional spaces are shaping the future of law firm offices.