• Davis Polk & Wardwell, one of the most prestigious law firms in the US, announced Thursday that it is modifying their lockstep compensation model, which traditionally pays lawyers based on seniority.
  • Legal recruiters that Business Insider spoke with say that the move, which comes at a time when law firms are shelling out big bucks to attract rainmaking lawyers, is a defensive one designed to keep talent at Davis Polk.
  • “Lockstep just doesn’t compete with what they’re willing to pay… With today’s world, everything’s on the table,” said one prominent recruiter.
  • Visit Business Insider’s homepage for more stories.

Davis Polk & Wardwell, one of the country’s oldest and most established law firms, announced on Thursday that it is switching to a modified pay system.

The move leaves just a few firms, such as Cravath, Swaine & Moore and Debevoise Plimpton, as strongholds of the traditional strict-lockstep model, where lawyers’ compensation

Read More

  • “I’m a capitalist — got to make money, otherwise the business, the institution, is not sustainable,” billionaire businessman Arthur Blank told CNBC.
  • But the Home Depot co-founder added, “if you don’t care about people, profit and the planet at the same time, profitability by itself isn’t really enough.” 
  • “And the truth of the matter is, you can have them both, and I think we should have them both,” Blank said on “Power Lunch.”

Atlanta Falcons owner Arthur Blank on Milton Friedman’s belief in the primacy of profits



Billionaire businessman Arthur Blank told CNBC on Monday that businesses must care about more than just profitability, suggesting social responsibility should also be an area of emphasis.  


Load Error

“If you don’t care about people, profit and the planet at the same time, profitability by itself isn’t really enough,” Blank said on “Power Lunch.” “And the truth of

Read More

The line was never said in real life. But in Hollywood’s version of his reporting exploits, that advice was given to Woodward by his source, Deep Throat, as the key to unraveling the truth about Watergate. In a perverse way, it could also be key to unraveling the truth about what Trump told Woodward he knew about COVID-19 — and what neither told the public, until now. Trump denies that economic interests had anything to do with his decision-making; he simply didn’t want to panic Americans. But to make his case for reelection, Trump wanted to keep the stock market as stable as possible and the rest of the economy on track for a quick turnaround. He tried to accomplish that with a stimulus package and a strong desire to downplay the coronavirus threat. Like all authors, Woodward wanted to sell books and give readers something to think about right

Read More

(Bloomberg) — Wells Fargo & Co. trimmed its guidance for net interest income this year to $40.5 billion on lower expectations for loan growth.

The bank had previously said it expected 2020 net interest income — revenue from customer loan payments minus what the bank pays depositors its largest source of revenue — to drop to $41 billion to $42 billion, or down as much as 13% from last year. Weaker-than-expected loan demand is responsible for the more pessimistic forecast for its largest source of revenue, Chief Financial Officer John Shrewsberry said Monday at a financial-services conference sponsored by Barclays Plc.

“There’s so much liquidity, bond markets are wide open,” meaning large and midsize firms “are using the bond market to finance themselves” and credit-line utilization has been dropping, Shrewsberry said. “The demand for new credit, at least at this point in the cycle, is not particularly robust, and then

Read More

Please note: This is the latest in a series of articles, the last being “Charts Implying Economic Weakness – August 2020.”

U.S. Economic Indicators

Throughout this site there are many discussions of economic indicators. This post is the latest in a series of posts indicating U.S. economic weakness or a notably low growth rate.

The level and trend of economic growth is especially notable at this time. As seen in various measures and near-term projections, the U.S. economy is undergoing an outsized level of economic contraction. However, most people believe that this historic level of contraction will be temporary in nature and that an economic rebound will start in the third quarter of 2020.

As seen in the September 2020 Wall Street Journal Economic Forecast Survey the consensus (average estimate) among various economists is for -4.19% GDP growth in 2020, 4.00% GDP growth in 2021, and 3.13% GDP growth in

Read More

The MarketWatch News Department was not involved in the creation of this content.

Sep 14, 2020 (CDN Newswire via Comtex) —
Global Cigars and Cigarillos Market 2020 by Manufacturers, Type and Application, Forecast to 2025 is a highly comprehensive research document released by MarketsandResearch.biz that provides a reliable source of the global Cigars and Cigarillos market study. Major players, competitive intelligence, market dynamics and geographic opportunities are discussed in detail in the report. Independent sections cover each of the major regions, as well as the trends for Cigars and Cigarillos market products within those regions. The report includes market estimations and trends through the forecast period and analyses market dynamics across the major geographies. The report also discusses recent developments and product portfolios of the key players.

Important Coverage of the Cigars and Cigarillos Market Report:

Subcategories within each of these markets are also analysed on the basis of trade

Read More

Natalie James, Charlie Pears-Wallace, Mya Wander and Caroline Haegeman

Image caption

Natalie James, Charlie Pears-Wallace, Mya Wander and Caroline Haegeman

The coronavirus pandemic has hit businesses hard, leading to sweeping numbers of redundancies and millions of workers being furloughed.

Despite the downturn, some people have decided to take the brave step of starting a business.

We spoke to four women about why they did it and how their ideas are progressing.

‘I started it on a whim but it’s become like my child’

Image copyright
Natalie James

Image caption

Natalie started a subscription service to bring people the beauty, makeup and self-care products they were missing during lockdown

Natalie James, 30, from Wanstead in East London works in fashion PR. Although she continued working through lockdown from home, she didn’t like the fact that she wasn’t able to pamper herself with her favourite beauty products as all the shops were shut.

Realising “a lot of other people felt the

Read More

WARREN, Pa., Sept. 14, 2020 /PRNewswire/ — On September 14, 2020, Northwest Bancshares, Inc. (the “Company”) announced plans to optimize its branch network as part of its ongoing efforts to accommodate changing customer behaviors while also recognizing operating efficiencies.  The Company plans to close 42 of its 205 full-service offices, or approximately 20%, throughout its footprint, one free-standing drive-through and one business office beginning Monday, December 14 through Friday, December 18, 2020.   

In making this announcement, Ronald J. Seiffert, Chairman, President and CEO, noted, “Our customers’ banking preferences continue to evolve to favor a more digital banking experience and the COVID-19 pandemic has magnified and accelerated these preferences.  This branch optimization plan reflects our ongoing efforts to ensure we are well positioned in our industry to provide the community bank experience that is valued by our customer base while also enhancing our strong digital and mobile banking

Read More

While most soft drink companies give consumers a boost with caffeine, PepsiCo has created a beverage that’s meant to help people catch some Zs.

The multibillion-dollar beverage giant announced it will be releasing a new water-based drink called DriftWell.


It contains magnesium at 10% of the recommended daily value for a person in addition to 200 milligrams of L-theanine. Both ingredients are thought to provide relaxing and de-stressing effects that can potentially aid sleep, according to some limited medical studies.

DriftWell is flavored with blackberry and lavender and will be packaged in a 7.5-ounce can. PepsiCo says the flavoring is intended to be “subtle” and “soothing,” much like a spa water. It will not be carbonated or contain sugar or calories.


The unique beverage was developed through a product

Read More

The India Cellular & Electronics Association (ICEA) has urged the Finance Ministry to extend the zero duty on open cell for televisions beyond September, for another three years to boost domestic manufacturing and curb imports of LED TVs under FTAs.

In its letter to the Finance Ministry, the industry body said currently there are no manufacturers for open cell and that it will take 3-4 years for a company to establish a plant. “If the duty on open cell is not extended beyond September 2020, it will again lead to high imports of LED TVs under FTA, a huge blow to the ‘Make in India’ programme of government. It will have an adverse impact on the domestic television manufacturers,” it stated. It has instead recommended the implementation of the proposed phased manufacturing plan for TVs where duty on open cells can be levied post the fab becomes operational. Open cell

Read More