Ronald Shechtman, the firm's managing partner and head of its Labor + Employment group, recently sat down with Patrick Smith of the New York Law Journal to discuss the implications of the newly-enacted NYC Transparency Act on the law firm landscape. As Smith notes, "Big Law will need to confront new competition challenges related to their staff, including how they attract and retain such talent....(a)nd small and midsize law firms may face the same set of challenges for their staff as well as associates and other attorneys who are not paid in lockstep."
Shechtman noted that "(m)uch of that is in bonus and other forms of compensation, and that remains cloaked," but according to Smith, he lauded the transparency the spirit of the law could provide, noting the law will provide 'greater transparency in the competitive market.'"
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