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Climb the Legal Ladder - Essay Example

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This is based on the disparities that exist between their salaries and those of the partners. One of the major comparisons that the associates would make is between the partners billing rates of some…
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Climb the Legal Ladder
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Running head: climb the legal ladder Climb the legal ladder 15th September Question Sullivan & Cromwell associates may not be comfortable with the pay structure. This is based on the disparities that exist between their salaries and those of the partners. One of the major comparisons that the associates would make is between the partners billing rates of some firms that stand at $1,000 per hour while Sullivan & Cromwell associates charges $ 250 per hour (Lisagor and Frank, 1989). This makes them to earn four times less that the partners even though their level of experience is almost equal. In the same way, Sullivan & Cromwell associates would compare their annual pay that stands at $ 550,000 with that of the partners that stands at $2 annually. The major work behavior that the Sullivan & Cromwells pay structure will motivate is working for more hours per day. This is based on the fact that clients are charged $250 per hour, implying that if an associate works for more hours his or her salary will increase.
Question 2
It is appropriate for Sullivan & Cromwell to increase the salaries of the associates who joined the firm four years ago. This may include pulling back the increment for the four years or at least two years. If the salaries of new associates are increased by $20,000, I would recommend the firm to increase the salary for billable hours for other employees in the various levels. This will act as a motivation not only to other levels but also to new graduates.
Question 3
The Waif Street Journal writer fails to identify the experience and the number of years that the partners have worked that makes them to earn more than the associates. Based on the fact that partners are the senior employees, the high level of salaries will act as a motivation even though the disparity on the amount of salary between the partners and the associates needs to be reduced. There lacks any parallel between Merrill Lynchs FA’s and SVPl’s and highly paid Sullivan & Cromwell partners salaries.
Question 4
One of the implications of the changes to bonuses is that there will be a disparity in the pay structure. For example, in the current pay structure the difference between the eighth-year associates and the early-career associates is $105. After the change is implemented, the difference will stand at $20. This implies that eighth-year associates will be paid less as compared to other levels. Lisagor and Frank (1989) argues that such reduction of bonuses would make the employees at the upper level to be demotivated thus lowering the performance of the firm. As a result of the firm’s low performance, the company may lack the ability to pay the extra bonus that it plans to give its employees at the end of the year. Sullivan & Cromwell should be concerned about difficulties in recruiting or retention. One of the major aspects that affect retention of the employees is salary disparity. In this regard, Sullivan & Cromwell have the obligation of addressing the disparities in their pay structure to ensure their recruitment and retention process are effective.
References
Lisagor, N and Frank L. (1989). A Law unto Itself: The Untold Story of the Law Firm Sullivan & Cromwell. New York: Paragon House. Read More
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