Partner Steven Eckhaus Profiled in Wall Street Journal

Steven Eckhaus, Chair of the Executive Employment Practice, was profiled in an article in the Wall Street Journal on his role in negotiating high-profile pay packages. Mr. Eckhaus estimates he has negotiated well over $5 billion in banker pay over the years, including several $100 million pay deals. While he acknowledges he was amazed at Wall Street's largess at the beginning of his career, he defends his clients and their earnings. "You have to know what the profits are" to know what someone should make, he says. "Those who are responsible for profits should share in the profits in a way that rewards them."

In the wars of public opinion over executive pay during the recession, Mr. Eckhaus says the focus has been misplaced. "It was understandable why there was anger," he says, but "the crisis was not caused by Wall Street... It was caused by a confluence of economic, political and historical factors." He also notes, "People lost sight of the benefits the financial system has provided to the economy for the last 30 years." The article cites Mr. Eckhaus's representation of executives such as Tom Montag of Merrill Lynch (now Bank of America), Duncan Niederauer of NYSE Euronext, Greg Fleming of Morgan Stanley, Rosemary Berkery of UBS, Erin Callan of Lehman Brothers, and hotel billionaire Leona Helmsley. ("Wall Street Lawyer: Don't Blame Pay," February 5, 2011)