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On The Merits
Choose-Your-Billable-Hours Model May Be Future of Associate Pay
Jan 14, 2025
In this engaging conversation, Kate Rader-Sheik, a partner at Major, Lindsey & Africa, discusses innovative compensation models reshaping the legal industry. She highlights the new tiered billing approach that allows associates to select their billable hours, offering them more control over their careers. Kate also explores the potential benefits and risks of this model for both associates and firms. Additionally, she provides insights on remote work challenges and current trends in associate recruitment, especially in a fluctuating economy.
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Quick takeaways
- The new tiered compensation model by Steptoe & Johnson allows associates to choose billable hours, potentially enhancing job satisfaction and retention.
- While flexible hour options can improve work-life balance, concerns remain about their impact on career progression and partnership opportunities.
Deep dives
Innovative Compensation Model for Associates
A new compensation plan introduced by Steptoe & Johnson allows associates to set their own billable hour targets, which in turn influences their salary. Associates choosing to bill 2,200 hours can earn between $236,000 and $582,000, significantly higher than established pay scales at other top firms. This flexible approach aims to address associate dissatisfaction related to salary and work-life balance, providing options for individuals whose priorities may differ. Such a strategy is seen as a potential way to cultivate a more positive work environment and retain talent in a competitive legal job market.
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Discover
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