How do law firms really decide what partners get paid?

Partner compensation is one of the most important and controversial topics in the legal industry. The way firms structure pay doesn’t just impact income; it shapes firm culture, collaboration, and long-term profitability.

In this episode of Financially Legal, Emery Wager sits down with Hugh Simons (former BCG consultant, law firm CEO, and prolific writer on law firm economics) to unpack:

• The major compensation models (lockstep, points-based, and eat-what-you-kill)

• Why open vs. closed pay systems matter more than you think

• How incentives drive collaboration, culture, and firm growth

• Where partner compensation is headed in the next decade

Whether you’re a managing partner, CFO, or simply curious how partner pay really works, this episode pulls back the curtain on a system that defines the legal industry.