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Shearman & Sterling Changes Compensation Scheme

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Shearman & Sterling is beginning to experience the full consequences of cutting its top earners’ pay and dedicating more of its bonus pool to merit-based compensation awards, Reuters reports.

The firm first adopted the compensation-scheme changes in 2011 after some of its members expressed dissatisfaction with the firm’s expansion of the pay gap between top- and low-tier partners from 2008 to 2011.

Feedback from Shearman & Sterling partners about the pay changes has been mixed. “Some said they were unhappy their pay had been cut, while others said they felt the new model would satisfy mid-tier business generators,” according to the Reuters report.

Read the full article from Reuters here.

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