Andrew Maloney

Global wars and instability are also affecting both dealmaking and restructuring practices, according to the latest Law Firm Financial Index.

Kirkland said it wanted to align with clients and “formalize” its approach, saying the combined real assets group would have more than 600 lawyers across its footprint.

In the free-agency Big Law world, giving newer partners some skin in the game is also aimed at combatting the disconnect and transience that sometimes typifies Big Law, some say. Still, others have said creating additional differentiation in the ranks can result in a caste system.

Some stressors in the legal profession are treated as table stakes. But it's tough to ignore the signs of the times in Law’s latest survey of mental health in the legal industry.

More firms are setting pay packages starting at $20 million to $25 million for top equity partners. As Big Law firms create bigger pay packages for their star performers, pay ratios tend to spread more.

No one would mistake Missouri for the center of the universe in Big Law. But the mix of Am Law 200 firms with roots in the state collectively turned in a financial performance that surpassed many of the largest firms in the world.

Firm leaders say the integration of U.K. and U.S. offices was the heart of the deal closing Monday, noting the combination is already generating trans-Atlantic business opportunities.

"There’s more people than ever before earning those very high levels of income,” said Blane Prescott, managing shareholder at MesaFive, who counsels firms on compensation.

Some firms are utilizing setups like a “triple bonus” package for incoming equity partners, which can feature a signing bonus, a guarantee for hitting certain revenue targets, and access to the firm's broader, discretionary bonus pool.

The firm leader speaks with Law.com about getting contacted about private equity investments, his firm's merger strategy, and how firms outside the Am Law 100 can grow, without winning a financial "arms race" against other firms.