Weil - $$$

Press report this week that Weil's top earning London partner took home £1.7m.

Can someone explain the numbers here? I was under the impression that NYC firms pay partners top dollar: $4m, $5m, $6m+. £1.7m is a long way short... 

What am I missing?

https://www.law.com/legal-week/2019/10/09/weil-top-london-partner-pay-j…
 

It's presumably performance related (commonly termed "eat what you kill") and so it depends on how the individuals, and possibly the office as a whole, performed and how much it killed. I must say, however, that very very few firms even on Wall Street are paying the average run-of-the-mill partner four mil US.

For all that, this still gives me big HEH at some of the non-stupendous senior performers I have known who got poached by Weil.

Page 21.

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Presumably the bit the OP is missing is that the figure of £1.7m is the amount received as a member of the UK LLP and doesn't include any receipt from being a member of the US LLP.

 

What Buzz said. Partners would presumably receive some remuneration from the US side of the business and some from the UK side (likely dependent on where the work originated/file was set up). Given there were 44 members in 2018 (some of whom will prob be salaried) the PEP alone would be north of 1.7 based on London profits.

Same goes for a story recently about O'Melveny increasing its top pay by 400% (pretty unlikely the top partner there in 2017 only got £400k). It would be good if these jobsworths had a think before publishing silly stories like this.