Top Goldman Sachs Lawyer Made $60 Million From 2003-2009

ATL shows us how Goldman Sachs GC Greg Palm made $60 million between 2003 and 2009 – i.e., over $8 million/year. This would sound mighty good even to top partners in Big Law firms. So ATL says

Sullivan & Cromwell partners, eat your hearts out. Not only does Goldman GC Gregory Palm get to boss you around, he also makes more money than you do.

Two years ago I wrote an article for Forbes (“Lawyers Don’t Make Enough”) in which I favourably compared Goldman Sachs partner earnings to those at, say Wachtell. I speculated that ethical rules are preventing lawyers from getting bigger pieces of the transaction fee pie. The ATL comparison is more to the point, comparing compensation of lawyers to lawyers, not to investment bankers.

Perhaps Sullivan & Cromwell partners, after they’re through eating their hearts out, will join with other lawyers in getting to work on the ethical rules that produce these disparities. This is just one of the forces contributing to what I’ve called The Death of Big Law.

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