Law Practice Management Asked and Answered Blog

Category: Compensation

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Jan 10, 2008

How Can We Determine If Our Law Firm Partner Compensation System Is Working

Question: Do you have any suggestions concerning how we can determine if our compensation system is functioning properly?

Response:

You can start with the following firm – self-test. Has the firm experienced or is it experiencing:

If your firm is experiencing or has experienced the above symptoms, it is time to really examine where the firm is headed and what messages your compensation is sending out to your partners. Is the firm trying to be a firm or merely a group of lone rangers.

John W. Olmstead, MBA, Ph.D, CMC

Jan 27, 2001

Leadership and Accountability in Law FIrms

Question:

What do you see as the primary management problems in law firms?

Response:

We are frequently asked to assist law firms in areas such as management reviews, marketing, compensation, and strategic planning. However, these are often symptoms of another problem – leadership, trust, and accountability. Frequently we find that unless proper leadership is in place we are all wasting time on attempting to treat the symptoms. Without sound firm leadership at the partner level other initatives are never able to get off the ground. Law firm leadership is the top challenge facing the profession today.

John W. Olmstead, MBA, Ph.D, CMC

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