We help law firms update their comp systems to accurately reflect the true contribution of each of their attorneys.
Compensation serves to reward and incentivize the behavior you want your attorneys to demonstrate.
When it’s time to refine your comp system, we can help.
We supply the missing piece—knowing the true profitability of your attorneys’ hours, originations and clients.
This information will allow you to make better decisions regarding year-end comp and devise better reward systems.
We Can Help Solve these Challenges
In many law firms, compensation systems are often treated like the “third rail”—something you just don’t touch.
But that perspective won’t help you address these common challenges:
- How to reward the younger partners for outstanding performance.
- How to reduce the pay of partners who are no longer contributing — what they used to — without losing them.
- How to pay laterals what they want, without upsetting the partnership.
- How to motivate your attorneys to deliver long-term value to the firm.
As you know, there is no such thing as designing the perfect comp system, one that makes everyone happy.
Given this reality, at the beginning of any engagement, we help the firm determine its top objectives and then design the system accordingly.
We also suggest firms make incremental adjustments to their systems, rather than sweeping changes.
Unfortunately, firms can no longer afford to reward all their attorneys as if each of their hours, originations and clients have the same value.