Defining a process for setting and adjusting base salaries is difficult for most law firms. Law firms typically make salary decisions based on the following factors:
A well-developed compensation plan can provide a roadmap for law firms and lawyers to derive the maximum benefit from their association. To start, firms should devise written compensation policies, guidelines, and incentives to ensure lawyers are paid competitively and commensurate with individual contributions. When firms add progression policies and guidelines to this pay structure, their lawyer groups are usually found to be more productive and satisfied.
Fairly compensating and promoting nonowner lawyers (associates, income partners, counsel, of counsel, etc.) is best accomplished using a structured process. The process should be transparent and include:
Modern legal marketing has never been more interesting and rewarding. Attorneys who embrace new forms of marketing can showcase their talents and communicate in ways that were unavailable just 10 years ago. With a few key relationships and resources, a practice may be transformed.
Lawyers 55 or older make up over 1/3 of all practicing attorneys. These data have been found across the 15+ legal markets that PerformLaw has collected demographic data for over the past two years. The same demographics hold true on a national basis. (Source: "The Lawyer Statistical Report", American Bar Foundation)
Today’s law firms work with clients who have tighter budgets and greater expectations. This forces firms to find new and better ways to increase productivity and profitability. Since billing more hours and raising rates are not always the best solutions, progressive law firms are now looking to what actually makes their work profitable. They are working smarter, not only harder.