Jay Clayton, a partner at Sullivan & Cromwell, is at the top of his game and it says something about being a partner in BigLaw.
Nominated by President Trump to head the Securities and Exchange Commission, Clayton will take a big pay cut to accept the job but will earn the prestige that goes with it. The financial disclosures that are part of the transition, however, offer a glimpse inside the oft-guarded secrets of partnership compensation.
According to the disclosures, Clayton has earned $7.62 million since 2015. That represents his "partnership share for 2016 and 2017 received up to the date of filing," which was in January.
With partner profits of about $3.86 million annually per partner in 2015 at the firm, plus another $500,000 to $1 million in undistributed partnership shares still due Clayton, it's fair to say that equity partner compensation is well and good enough at BigLaw.