Wake Up Call: At Wall Street Firms, ‘Hotshot’ Lawyers Triple Pay

Welcome to Bloomberg Law’s Wake Up Call, a daily rundown of the top news for lawyers, law firms, and in-house counsel.

• Pay rates for certain “hotshot” Wall Street lawyers with firms like Kirkland & Ellis, Simpson Thacher & Bartlett, and Latham & Watkins, have roughly tripled over the last five years, approaching what big bank chiefs make. In this “star-centric system,” six Kirkland partners earned $25 million last year, and $20 million has become “the new $10 million.” (New York Times)
• A $128 million upgrade to fabled “Black Rock” tower in Midtown Manhattan, the former headquarters of CBS, ...