The wiki page doesn't do it full justice, as I understood it it is:
* A firm can easily end up in a situation where weak performers stay as long as they can, and strong performers leave because they can operate independently. This can have a very strong effect because the partners or permanent management starts seeking out work to keep the bulk of their remnant people busy, which is not the high end work that builds the firms reputation.
* Instead, make offers every year to the top 3 people from each Ivy League law school, but the offers are for 18 months only.
* If the new people aren't going to make partner ever, don't keep them around. Let them know well before the 18 months are up, and have them pick the corporate clients they like and work with them so they can jump over to working for the client directly, and they will then always come back to the mothership when the giant, interesting, complex case comes along.
* Out of each "class" you make partner offer to only the best, maybe none, each year.
This differs from the article because the firm is keeping the best and sending out the rest.
But maybe most firms aren't like the Cravath, they prefer to over charge clients for a weak performer then charge and pay a strong performer ? Maybe this makes sense if you have a very short term view of the life of your firm and it's reputation ?
The wiki page doesn't do it full justice, as I understood it it is:
* A firm can easily end up in a situation where weak performers stay as long as they can, and strong performers leave because they can operate independently. This can have a very strong effect because the partners or permanent management starts seeking out work to keep the bulk of their remnant people busy, which is not the high end work that builds the firms reputation.
* Instead, make offers every year to the top 3 people from each Ivy League law school, but the offers are for 18 months only.
* If the new people aren't going to make partner ever, don't keep them around. Let them know well before the 18 months are up, and have them pick the corporate clients they like and work with them so they can jump over to working for the client directly, and they will then always come back to the mothership when the giant, interesting, complex case comes along.
* Out of each "class" you make partner offer to only the best, maybe none, each year.
This differs from the article because the firm is keeping the best and sending out the rest.
But maybe most firms aren't like the Cravath, they prefer to over charge clients for a weak performer then charge and pay a strong performer ? Maybe this makes sense if you have a very short term view of the life of your firm and it's reputation ?