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Law Firm Best Practices Blog

Practice Planning: How We Do It! (Part 3)

on May 11, 2018 1:42:22 PM

This is the third part of our Practice Planning series.  To catch up on the other parts , click on the following links:

Part 1:  Better Associate Performance Using a Structured Planning Process

Part 2:  Practice Planning for Lawyers: Our Approach


 

PART 3: PUTTING IT ALL TOGETHER - HOW WE DO IT!

 

Performlaw’s practice plan engagements focus on the development of systems to maximize income-generating and strategic time investments. These engagements are aimed at creating high-performance lawyers who positively impact the culture of the firm. 

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Practice Planning for Lawyers: Our Approach

on May 8, 2018 11:15:00 AM

For most lawyers, the first 10 years of a developing a legal practice defines the next 20. While developing marketable skills and practice area knowledge, lawyers are also managing their income needs and personal commitments. All of these factors influence the future of a lawyer's practice. When these factors conflict with one another, they can create stress and unintended outcomes. Also having a significant impact on a lawyer’s career is his or her ability and willingness to take risks.

 

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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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A Structured Approach to Fairly Compensating and Promoting Lawyers

on Jan 5, 2018 9:14:57 AM

 

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:

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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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