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With increased competition among law firms, business development has become a top priority. How can law firms incent business development?
The presentation below focuses on how law firm compensation models can encourage business development by rewarding those who bring in the most business. Of particular focus will be the impact and issues involving origination credit.
The presentation breaks down the key issue of client origination credit among the typical client account organization in a law firm: Originating Attorney, the Billing Attorney and Working Attorneys. It focuses on an issue that I frequently encounter:
How much origination credit, if any, a Billing Attorney should receive for his or her role in a client account that he or she did not originate?
Client relationships do not last forever. Attorneys with proven business development skills will be more successful in almost all cases. Since law firms must continue to compete for new business on a constant basis, policies and practices that incent the development of business generation skills are necessary.