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Law Firm Best Practices Blog

Recognizing the Essence of Small and Mid-sized Law Firm Compensation

on Jun 28, 2018 1:39:13 PM

There are a lot of small and mid-sized law firms that rely on relatively few clients.  These client relationships are typically consolidated among an even smaller subset of top performing lawyers. It is not unusual for us to  encounter a firm of twenty lawyers serving less than 20 or 30 clients that are managed by three or four partners. We have also worked with firms of more than 50 lawyers working for 6 or 7 groups of clients controlled by as many partners. In these instances, the loss of a client or a partner is potentially a destabilizing event.

 

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Client Origination Credit Essentials

on Jun 5, 2018 5:55:59 PM

Most small and mid-sized firms must continue to compete for new business on a constant basis.  Having polices that are favorable to the development of business generation skills places a law firm in prime place for growth. 

 

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Determining Attorney Bonuses: Subjective and Objective Considerations

on Mar 21, 2018 3:03:56 PM

Most law firms use a bonus system to motivate and retain good attorneys.  With their own unique values and behaviors they wish to reward,  law firms use various subjective and objective methods to determine bonus amounts.   While there is no magic formula for creating the perfect bonus plan, the law firms that find the most success are ones that support a  compensation process that is transparent and that view compensation as an ever-evolving system that progresses and flexes with the times.  

 

 

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Setting and Adjusting Base Salaries

on Feb 15, 2018 5:21:53 PM

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: 

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Well-Developed Compensation Policies and Pay Plans for Lawyers

on Jan 18, 2018 6:09:07 PM

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.

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Billing Attorney Origination Credit Essentials

on Oct 22, 2017 5:57:00 PM

Most law firms have an internal way of categorizing attorney efforts within a client relationship. A typical client account may be organized around an Originating Attorney, Billing Attorney and Working Attorney. The Originating Attorney is this grouping is the one responsible for developing the client relationship initially and is most commonly responsible for ensuring the client remains happy.

 

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law firm management concepts blog discusses relevant law firm topics

The Law Firm Management Concepts blog includes conceptual posts on important issues to law firms. These posts will correspond  to the posts found on our main blog ("Law Firm Best Practices") which offers detailed analysis and advice for putting concepts into practice.

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