Video: Dramatic Pay Disparity for Non-Equity Partners; Barclays Under Fire; Photos of Ballots Legal?
Posted Nov 08, 2012 06:45 pm CST
Editor’s Note: We’re experimenting with using more video on ABAJournal.com and will be bringing you this short weekly legal news brief from Bloomberg Law for the next few weeks. Thanks for the feedback so far. Please note that adding video would not mean eliminating text-based stories. Rather, we’re exploring adding more multimedia options in addition to our text-based posts. Also, in response to the feedback, this week there is a transcript included with the video.
Transcript featuring Bloomberg Law’s Lee Pacchia as he runs through his legal news picks of the week:
In a first-of-its-kind survey, American Lawyer magazine reports that compensation for non-equity partners at the nation’s 200 richest firms can vary dramatically. New York’s Milbank Tweed topped their charts with average non-equity partner pay of $1.5 million. Bringing up the rear was Columbus-based Vorys Sater, paying an average of $100,000. Salaries are all over the map because the non-equity category contains so many kinds of partners: junior partners striving for equity status, senior partners winding down their careers, and laterals with special compensation deals, among others.
Next up, we have Barclays under fire from all sides. The New York Times Dealbook reports that the British bank is facing regulatory inquiries from the Department of Justice, the SEC, and the Federal Energy Regulatory Commission for a whole host of possible offenses. This follows the bank’s $453 million settlement in June with American and British authorities over allegedly manipulating the inter-bank lending rate known as LIBOR. The new probes may mean hundreds of millions of additional dollars in fines for the bank.
Finally, if you went to the polls yesterday and posted a photo of your vote on Instagram FOR JEEPERS SAKE TAKE IT DOWN! THAT MIGHT BE ILLEGAL! Tech blog Gizmodo reports that in many states, showing your ballot to others is a misdemeanor. The full list is on Gizmodo.com. If you violated the law please turn yourself in to the nearest police officer, and be sure to Instagram a picture of yourself being placed in handcuffs. So far as we can tell, that’s totally legal.