Compensation trends and considerations are important topics in law firms today. Firms should never lose a productive partner over a poor income allocation system. Firms who tie client profitability into some or all of a partner's compensation typically operate most competitively in the market.
I recently had the opportunity to speak to the New Orleans Chapter of the Association of Legal Administrators about these compensation trends including:
- Compensation as a management tool;
- A survey of the various systems we most commonly encounter;
- Typical market payout ranges;
- An in-depth consideration client profitability; and
- The reality of the modern law partnership.
PerformLaw helps clients to become market aware and fiercely competitive. We are focused on planning, development, analysis & improvement of your firm. We specialize in these areas and are committed to providing outstanding critical services that will protect and grow your firm for years to come. Our expert staff have provided successful solutions to address the unique needs of each client we engage.
Brian Kennel is an experienced management consultant with more than 20 years of experience in law firm and professional firm management and consulting. As owner of PerformLaw, his focus includes law firm performance improvement, partner and associate compensation, strategic and practice planning, financial management, new partner admittance, lateral evaluation and business development.