Stuart M. Pape, the firm's managing partner, and Edward J. Newberry, the firm's deputy managing partner, were featured in a Legal Times story published on February 23, 2009 about how the firm is overhauling its compensation plan for partners. The story was picked up by the National Law Journal and American Lawyer publications, both sister publications of Legal Times.
Under the new structure, which will be phased in starting next year, partners will have a percentage of their pay set by an 11-member compensation committee. The committee will examine how well partners refer business to each other and will also weigh involvement in associate mentoring and training and whether partners closing in on retirement are transferring clients to the next generation of lawyers at the firm, Legal Times reported.
"What we’re doing here is trying to provide some compensation incentive for doing things that are supportive, collaborative, and productive," Mr. Pape said.
Patton Boggs has posted strong returns in recent years, Legal Times reported. The firm reports firm-wide revenue of about $348.7 million for 2008, a 12.45 percent increase over 2007. Profits per partner were $783,000. Under the firm’s current partner compensation model, the highest-paid partner at Patton Boggs made 16 times more than the least.
Mr. Newberry told the newspaper that Patton Boggs, "needed a system that kept some of the same entrepreneurial incentives."
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