Big Law’s Prestige Bubble Threatened by Feast or Famine Market

There have been signs recently that the gap is widening between the richest Big Law firms and the rest of the pack. But the news this week—Wall Street firms unlocking war chests to boost partner pay and making splashy associate bonuses—brought that trend into sharp perspective.

Special Bonuses: It’s hard to see the majority of large law firms matching the “special bonuses” announced by some wealthy firms as a reward for an extra heavy workload during the pandemic. Unlike past episodes of associate salary wars, wealthy firms are putting the pedal to the floor at a time when many competitors ...