Law Firm Best Practices Blog

Divvying Up the Fee Dollar: Building a Firm Economic Model

on Apr 6, 2019 1:33:13 PM
Law firms that understand their economics are more likely to capture and maintain an edge in today’s highly competitive legal market. Optimizing their economic model, or tethering it to the market, achieves even greater stability and larger profits f...
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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 pai...
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Using Profitability Data to Transform Your Law Firm

on Sep 14, 2017 2:49:51 PM
  Today’s law firms work with clients who have tighter budgets and greater expectations. This forces firms to find new and better ways to increase productivity and profitability. Since billing more hours and raising rates are not always the best solu...
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Admitting New Law Firm Partners

on Jan 4, 2017 10:59:21 PM
  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 ...
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Aligning Equity with Contributed Profits

on Dec 21, 2016 5:57:04 AM
  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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Using Data to Determine Compensation

on Nov 29, 2016 12:05:52 PM
Nothing focuses a mind better than paying for profits.   Law firms that can pay at market levels enjoy the advantage of diminished partner exits and increased appeal to attorneys in weaker competitor firms. Transparency in the compensation process is...
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