PE firms award carry at the fund level or on a deal-by-deal basis. Although the deal-by-deal structure is the more flexible of the two, it is also more difficult to properly implement. In addition, private funds are increasingly deferring compensation to incentivize employees to stay, although significant issues persist over how employment contracts define “cause” and “good reason.” Also, fund managers routinely use non-compete agreements to bind employees, and although certain states, such as California, disfavor non-compete agreements, they are generally enforceable. Those and similar issues were discussed at program hosted by Brian T. Davis and Dimitri G. Mastrocola, partners at international recruiting firm Major, Lindsey & Africa, which featured McDermott Will & Emery partners Ian M. Schwartz, Evan A. Belosa and Alejandro Ruiz. The first article discusses carried interest, taxation thereof and deferred compensation arrangements. The second article explores private fund compensation, including profit shares, and restrictive employment covenants. See “Ways Fund Managers Can Compensate and Incentivize Partners and Top Performers” (Dec. 14, 2017); and “Use by Fund Managers of Profits Interests and Other Equity Stakes for Incentive Compensation” (Apr. 18, 2014).