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McKinsey advised Dewey & LeBoeuf on partner pay
An analysis of the rise and fall of self-styled 'super firm' Dewey & LeBoeuf attributes a significant role to external consultant McKinsey.
Andy Dean Photography
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The consultant urged the US law firm to give large rewards to its highest earners in order to help make its 2007 merger be successful. The article, in the New Yorker, quotes McKinsey as concluding that 'LeBoeuf is currently vulnerable to the financial risk posed by individual rainmakers leaving the firm'. At that stage the top 5% of partners were bringing in 42% of turnover. McKinsey is then said to have advised: 'Create financial incentives for partner to remain at the firm'. The article reports that Morton Pierce, co-chairman of Dewey Ballantine, one of the parties to the Dewey & Le Boeuf merger, was offered compensation of US$35 million over the next few years.
