Performlaw Blogs

Compensating law firm managing partners?

Posted by: PerformLaw on June 28

Should managing partners be compensated for their service?  Answering this question seems easy enough. In reality, though,  the answer is much more complex. Even more difficult is determining how to fairly compensate deserving managing partners. A related challenge involves whether management committee members should be compensated for their contributions.

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Admitting New Law Firm Partners

Posted by: Brian Kennel on January 2

 

A sound process for admitting current partners and laterals

 

Admitting new partners at the right level can be a challenge to law firms. This is especially true for first-generation firms. Whether a new partner is being promoted from their current ranks or a lateral partner is being hired from another firm, placing a new partner at the right level is much easier if compensation does not depend on equity share. Partner placements are also less complicated when a firm has a process for routinely adjusting ownership.

 

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Client Origination Credit Essentials

Posted by: Brian Kennel on June 5

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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Aligning Equity with Contributed Profits

Posted by: Brian Kennel on December 21

 

How can equity be transferred in an orderly way and to the right people? 

 

The benefits of adjusting equity based on profit contribution at a law firm include the following: 

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The Uncharted Waters of Compensation

Posted by: Brian Kennel on June 16

Beyond the billable hour, there are additional ways in which associates can bring value to a firm. However, firms rarely consider these areas of value in developing their associate compensation plans.  Four of the more quantifiable, non-production ways that associates, depending upon their level, can add value include:

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Client Origination Credit Essentials: How to Incent Business Development in Law Firms

Posted by: Brian Kennel on October 29

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 the impact and issues involving origination credit.

 

 

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