As biglaw firms move increasingly away from the lockstep compensation system, the ongoing lateral law firm movements between them continues with one of the latest, high profile hires being Cravath Swaine & Moore partner Jennifer Conway who has moved to Davis, Polk & Wardwell.
We recently reported about the lockstep compensation system being on its last legs.
Cravaths have recently said they would move away from the compensation model that sees remuneration based on seniority, while Davis Polk has previously made the away from lockstep compensation.
The ongoing battle for legal talent has already seen 2021 with a large number of lateral moves, often for huge additional payments, but also often due to a better firm culture, as we have also reported.
Such policy changes have allowed firms to determine pay based on contributions in addition to tenure, which can help them more easily recruit partners from competitors.
Conway (left) has practiced at Cravath for more than 20 years, according to her LinkedIn profile. She is based in New York and counsels clients on executive compensation and benefits in relation to mergers and acquisitions and other business transactions, the profile said.
Davis Polk and Cravath had no immediate comment on the move.
The 1,000-lawyer Davis Polk firm has made several hires from competitors this year following changes to its pay system. The firm has hired partners from Cravath, Cleary Gottlieb Steen & Hamilton, White & Case and other large firms.