Already providing better working-life conditions, Adam Leitman Bailey, P.C. Competes with Larger Firms in Compensation in 2013
New York, Feb. 27, 2014 — Adam Leitman Bailey, P.C. (http://www.alblawfirm.com), one of New York’s most prominent real estate law firms, has announced substantial bonuses and raises for 2014. The boutique firm (fewer than 30 attorneys) has handed out several hundred thousand dollars in bonuses. Total compensation is purely performance-based and serves as an incentive for attorneys and staff alike to perform at their absolute best for Adam Leitman Bailey, P.C. clients.
Revenue at the boutique law firm grew by nearly 19% in 2013 and bonuses were awarded to all associates billing more than 1,100 hours. Bonuses were as high as $70K for the second year in a row, placing Adam Leitman Bailey, P.C. in the highest echelon of compensation for a firm its size and above most AmLaw100 firms.
Several attorneys received substantial raises, some 40% or more over their salary. .
At the end of 2013, Laurie Moldawer, Chief Operating Officer of the firm, announced that three associates would be promoted to Partner, including a sixth-year associate. “By taking on the training of law school students while they are still in school and giving new associates significant responsibility and experience, we were able to promote attorneys to the partnership after only six to eight years,” says Moldawer.
The three new partners – Rosemary Liuzzo Mohamed, [redacted], and Jackie Halpern Weinstein – graduated law school in 2008, 2006, and 2006 respectively and have been working at the firm most of their careers. Unlike most law firms, Adam Leitman Bailey, P.C. guarantees opportunity to all associates and bases compensation and advancement solely on achievements, not focusing on seniority.
“No firm our size gives out bonuses like we do,” states Moldawer. “And we have revenue sharing. And the ability to make partner after only six years, which the big firms do not really have unless you expect to win the lottery,” continues Moldawer.
Adam Leitman Bailey’s revenue sharing program allows attorneys at all levels to participate in the firm’s success. Associates get a percent of every dollar they bill, as well as every dollar that they help bring in. Total compensation is reflected by individual performance and not dependent on firm performance. Even though attorneys at every level get rewarded for business they generate, the lawyers are never required to generate business. This allows the attorneys to focus on existing clients. Adam Leitman Bailey, P.C. encourages individual performance and excellence with total compensation that often exceeds that of larger firms’ in order to attract great talent and results for each client.
About Adam Leitman Bailey, P.C.
By uniting many of the best real estate attorneys of our generation, Adam Leitman Bailey, P.C. has become one of New York’s most prominent real estate law firms. The firm excels by solely practicing real estate law and only taking on projects and cases where it is among the very best in the field. Adam Leitman Bailey, P.C. has achieved groundbreaking results in the courtroom, in the board room, at the closing table, in the lobbies of legislative bodies, and in every other venue where talented legal advocacy is key to its clients’ interests. For more information about Adam Leitman Bailey, P.C. please visit: http://www.alblawfirm.com.