National Law Journal: Lauren Drake on What’s Driving Up Partner Pay at DC Law Firms

Partners at elite Washington, D.C. law firms are earning more than ever, according to reporting by the National Law Journal - with star partners now commanding many millions. Reporter Abigail Adcox tapped partner Lauren Drake for on-the-ground insight.

Here, key excerpts from the article:

Partner pay across law firms in the Washington, D.C., market continues to climb, with multimillion-dollar comp packages becoming increasingly common in the district, recruiters and industry analysts say.

The demands of high-performing and lateral partners, as well as the presence of highly profitable New York firms in D.C., have driven up compensation across the board in the region, as firms want to stay competitive to keep their most productive partners, according to Lauren Drake, a partner in the Washington, D.C., office of trans-Atlantic legal recruiting firm Macrae.

“We’ve seen people getting paid multiple millions, not in the double-digit millions, but certainly like four to eight million, which I think we haven’t seen as much of that before. It used to be more of a rarity. It’s not such a rarity now,” said Drake. ”It’s partners who have a particular practice and area of expertise that’s very much in demand.”

…

For some partners, such as those with regulatory practices, billing flexibility also comes into play when they are planning a move. And when law firms raise partner pay scales, they are under increased pressure to raise billing rates further.

“A candidate might not want to be at a New York firm because they’re not going to be able to raise their rates to match the New York rates without losing their clients,” said Drake. “Rate flexibility is an important consideration when a partner is considering changing firms.”

We encourage you to read the article in full here: Partner Pay Climbs in DC, as NY Firms and Lateral Market Drive Up Comp Packages