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[quote=Anonymous][quote=Anonymous]That’s not true. At the true lockstep firms (Cravath, Devevoise and Cleary) the spread between the lowest and highest paid partners is about 3:1. This is based purely on seniority. With PPPs at over 3 million, this means that first year equity partners (8 years out of law school) are clearing about 1.5M.[/quote]

I don’t think these firms are still making lock-step partners at a high rate.  I have a friend who is of counsel at one of these.  Re Hogan a couple of years ago I had a new partner confide he was making more as a senior associate before the promotion due to taxes.  Another not-Hogan  former partner told me there are more in the 400k range than you’d thiink.  Rumor has it even a former agency GC got a guaranteed $1m a year for two years and that was considered a negotiation win.

Bottom line is I don’t think they have to pay over a million for a young partner unless that person brings in business.  I would say there are more in the mid-high six figures, also given the lifestyles I see.

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