“Our compensation model is just one element of our approach to producing the quality that we want our brand to represent,” said Faiza J. Saeed, the firm’s presiding partner, when we spoke this week. “It incentivizes partners to invest in the training and development of our people and aligns partner and client interests by encouraging partners to collaborate and deliver the full expertise of the firm.’’

Needless to say, it also relieves the pressure on partners to meet annual billing targets.

Ms. Saeed conceded that the lockstep-compensation system removes a powerful lever of management control. It puts a high premium on partner selection and development, and requires attention to ensure that partners uphold all aspects of the social compact, not just in terms of their contribution but also in how they reflect the values of the partnership. A desire to change the Cravath system and the resulting internal friction was a factor in some of the recent departures.

“Kirkland is the antithesis of Cravath when it comes to compensation,” said Bruce MacEwen, president of Adam Smith, Esq., a consultant to law firms, who writes widely about their economics. “It’s very individualistic and competitive, with a very big spread between the highest- and lowest-paid partners. But Kirkland has a reputation for excellence that rivals Cravath’s.”

There is no doubt that Kirkland, which has expanded rapidly from its Chicago headquarters, has been on a roll. The American Lawyer’s annual survey of the largest law firms measured by revenue shows that it took in $3.165 billion last year, displacing Latham & Watkins from the top spot — an achievement Kirkland partners will celebrate next week at their annual retreat in Southern California

Kirkland’s 19.4 percent growth rate in revenue last year compared with the previous year was the largest of any firm on The American Lawyer’s list. Although its traditional strength has been in private equity transactions — a field it dominates — it was also ranked first last year by the website Mergermarket in mergers and acquisitions, with 447 deals.

Cravath has never aimed to be the biggest firm, in terms of revenue or number of lawyers. But it does put a premium on profitability. This year, Kirkland edged out Cravath on that count, too, with average profits per equity partner of $4.7 million, according to The American Lawyer. (The figures don’t account for Cravath’s gold-plated pension plan, which is among the most generous in the profession.)

Kirkland has shaken up the profession and expanded its practice by poaching top partners not just from Cravath, but from other prominent, old-line firms, including Latham and Skadden Arps Meagher Slate & Flom. It has raided the venerable Simpson Thacher & Bartlett in New York for so many partners that one Kirkland partner, in a widely circulated email, referred to Simpson as “Kirkland’s AAA farm club.”