A quick followup on Orrick’s news yesterday that it’s dumping lockstep. We reached out to Susan Hackett at the Association of Corporate Counsel to see what she had to say about it.
The ACC launched an initiative last year called the Value Challenge, an effort to get law firms to … um ... they don’t put it this way, but it’s basically to get law firms to stop overcharging for stuff they could do more cheaply.
Corporate counsel like seeing the moves Orrick is making because it’s pretty much how they’ve been doing things for a long time.
“We are really supportive of firms that are considering performance-based comp throughout their ranks,” Hackett wrote in an e-mail.
“It would allow much greater freedom for associates and partners who would like to be judged on their contributions (and paid accordingly), rather than being told they can’t be valuable unless they generate a big stack of hours. Most clients I know who are watching these issues really laud firms who make this move — it is consistent with the corporate model that they also employ in their workplaces and which encourages evaluation, productivity, profitability, and efficiency, all based on performance and not on hours logged.”
(Note to associates: None of this means you’ll actually work fewer hours, of course.)
— Amanda Royal
Follow me on Twitter