Partners in law firms are not easy to lead. They may be content to transfer a great many management and administrative tasks to a management team, but there is a raft of sensitive subjects which remains close to their hearts. In these areas, they often consider intervention by professional managers to be unwarranted interference. Additionally, […]
The issues of partner performance and rewards are rising on law firm agendas, especially with the impact of new age discrimination legislation. Law firm leaders talk a good game about how the firm ‘rewards what it values, and values what it rewards’ but in reality many firms give scant regard to anything except seniority and […]
Very few firms are entirely happy with their partner profit sharing systems. For any firm which is considering making any changes, a good starting point is to understand the extent to which the current system is failing to meet the needs of partners or the firm and the extent to which changes may be needed. […]
Occasionally firms are presented with a unique opportunity to attract a senior in-house lawyer or governmental official as a lateral partner. If such a person becomes successful, the rewards to the firm can be staggering. But the failure rate of lawyers who intend to build a practice from scratch, regardless of their credentials, is high. […]
Of course, there is no perfect compensation system. The unique culture and values of a firm dictates how it splits up profits. What seems like a fair system in a good year may be viewed as painfully draconian in a bad year. Not surprisingly, any individual lawyer’s satisfaction with the current plan is directly related […]
In 2006, and again in 2008, we surveyed a significant sample of law firms throughout the world on the subject of partner compensation.
In this article Nick suggests 20 objectives for Equity Structures in law firms.