Top In-House Lawyers Absorb More Responsibility, Much More Money
The top lawyers at the largest publicly traded companies in America are being asked to wear many hats at once—and also getting paid handsomely to do so.
That's the takeaway from a recent story by Bloomberg Law senior reporters Brian Baxter and Andrew Ramonas, who crunched data from SEC filings of S&P 500 companies and found out how much these attorneys are making. Alphabet's J. Kent Walker Jr. leads the list with a total compensation package exceeding $30 million.
On this episode of our podcast, On The Merits, Baxter and Ramonas talk about who these highly paid executives are, the new responsibilities they have, and why they don't always hold the titles of "general counsel" or "chief legal officer" at their respective companies.
Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.
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14:47
Ropes & Gray Is Exception, Not the Rule, for Non-Equity Partners
Most of the biggest law firms in the US have a two-tier partnership model, where some partners have equity in the firm while others don't. So it was a bit of a surprise when the firm Ropes & Gray announced last month it will be sticking with its one-tier model.
Is this a sign that the trend toward non-equity partners is starting to reverse? Not according to today's guests on our podcast, On The Merits, law firm consultant Janet Stanton with Adam Smith Esq. and legal recruiter Scott Love with The Attorney Search Group.
They talk with Bloomberg Law editor Jessie Kokrda Kamens about how prevalent non-equity partnerships are, how they benefit law firms, and what firms need to avoid doing to make sure they work.
Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.
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17:10
Firms That Did Trump Deals Forgot They Were Law Firms, Says Prof
On this episode of our podcast, On The Merits, we take another look at the reasoning behind the deals law firms struck with the Trump administration earlier this year to avoid punitive executive orders.
We previously heard from Yale Law School professor John Morley, who said these firms had no choice because an executive order could have kickstarted a devastating run on the partnership. Today's podcast guest sees it differently.
David McGowan, a professor at the University of San Diego School of Law, says the firms that settled did so because they forgot the unique role they play in the American justice system and, instead, see themselves as more of business venture.
"To me, the firms that have come to terms with the administration are signaling that, at their essence, they are financial services, financial adviser companies," he said. "I don't think that that is a given. I think that that is a choice."
Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.
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20:07
Goodwin Chair on Revenue Rise and New Competitors for Law Firms
Goodwin Procter made a splash this month when it announced it had raked in $2.7 billion in the 2025 fiscal year, a record for the firm and a 12% gain from the previous year
On this episode of our news podcast, On The Merits, we hear from the firm's chair, Anthony McCusker, about how Goodwin managed this feat. He tells Bloomberg Law reporter Tatyana Monnay that he attributes the firm's recent success to a long-term strategic plan it developed called "Goodwin 2033." He also talks about where he thinks the legal industry is heading when it comes to tech—specifically, AI—and growing competition for law firms.
"In a world where maybe the legal answer might be free, or quick to get into the world, clients are going to value that deep industry experience," McCusker said. "Clients are going to value that business advisory expertise that our lawyers bring. And so ensuring that we are preparing all of our people to be able to deliver that type of benefit to clients is one of the things we're really focused on."
Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.
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Trump Attacks Could Have Killed Law Firms, Yale Prof Says
President Donald Trump's attacks on law firms have hand their intended impact, even as courts shoot down executive orders against some as unconstitutional and the details of White House deals with others remain unclear, according to Yale Law School professor John Morley.
"The point here is to extract a demonstrative form of obedience," Morely said. He said he's already seen a "chilling effect" with firms less willing to take on matters pushing back against the administration than in Trump's first term.
Morley, who has studied law firm collapses, does not blame the leaders of firms that struck deals with the White House to avoid punitive executive orders. Court wins for the four firms who have challenged orders targeting them so far show that those firms made the right, albeit risky, choice to fight.
"I am absolutely certain that, if one of these executive orders survived a temporary injunction proceeding, that would be the death of the firm," Morley said. "Or at least I think the probability is very high."
Morley spoke to Bloomberg Law reporter Roy Strom on this episode of our podcast, On The Merits, about what has become of Trump's attacks on Big Law and what would happen if the President resumed them. He also discussed how they've changed the attitudes of his students at Yale about which firms they may want to work at in the future.
Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.
On The Merits takes you behind the scenes of the legal world and the inner workings of law firms. This podcast offers in-depth analysis on the latest trends, challenges, and opportunities shaping the business of law and the legal industry overall. You'll gain insights into how the latest government actions, policies, and business developments are impacting the industry and hear from leading attorneys, legal scholars, industry experts, and our own team of journalists as they share their perspectives on the forces driving change.
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