Law Firm Partner Compensation
Many firms have tweaked their compensation system but have not been able deal with the various cultural and political issues and systematically redesign the system. Failure to explore alternatives to inadequate systems can result in partner dissatisfaction leading to partner defections and disintegration of the firm. Law firms need a partner compensation system that is aligned with the firm’s business strategies, culture and personality, and competencies. The system should reward performance and contribution and other behaviors that the firm desires to reinforce. It should be perceived as fair by the partners in the firm.
We assist the firm conduct a cultural assessment and financial review, generate a series of partner compensation system scenarios, provide the firm with a subsequent report and presentation of findings and recommendations and help the firm implement the recommended system. Specifically, we:
- Provide the firm with an attorney questionnaire to be completed by all attorneys in the firm and a staff questionnaire to be completed by all staff members in the firm.
- Perform an initial review of attorney and staff questionnaires.
- Review financial documents and prepare financial/compensation profiles.
- Conduct on-site interviews with all attorneys.
- Generate compensation system ideas and scenarios.
- Preparation of our report of findings and recommendations.
- Conduct on-site presentation of our report to the partners.