Sentences with phrase «partner compensation system»

While there are almost as many partner compensation systems as there are law firms, consultants say one thing many firms have in common is that they are growing increasingly scrupulous in how they make decisions about what to pay partners (What an interesting choice of words!

This article describes the author's observances about selected partner compensation systems and methods for their administration in mid-size and larger law firms.

More here, including next week's poll: «What is the ultimate partner compensation system?»

Our first topic — for the January 2014 mini-survey — was the drivers of satisfaction (or dissatisfaction) with partner compensation systems.

Has your firm been successful in overcoming the common impediments to a successful partner compensation system?

Also, it may be necessary to «tweak» or change the firm's present partner compensation system to incentivize desired behaviors.

Even the most effective partner compensation systems sometimes have difficulty basing a partner's remuneration on the profitability of his or her practice.

A change requires the adoption of new skills, new partner compensation systems, different ways of measuring the value of associates and, some contend, an erosion of the incredible prosperity that lawyers have enjoyed.

The author has been called upon by several firms that have incorporated the «permanent origination credit» concept into their partner compensation system to address some very serious partner related problems which, unless checked at an early stage, may tear the firm apart.

The difference between a financially successful and a marginally successful law firm may very often be traced to how well the combination of its leadership / governance (policy determination and implementation), culture, partner compensation system, and client base brings out the energies and talents of its attorneys.

If the concept of «permanent» origination credit is still a part of your firm's partner compensation system, now may be the time to make changes and address potential problems.

Changes in client attitudes, along with the economy and increased competitiveness have forced partners in the overwhelming majority of firms to reexamine their partner compensation systems to ensure that their systems for compensating partners are supporting the firm's immediate and long - term goals and objectives.

If you're an equity partner in a law firm, it's likely that you're making more money than you were a few years ago, but remain unsatisfied with your firm's partner compensation system and would welcome changes.

As an integral part of the firm's culture, reinforced by the partner compensation system, partners assigned to other attorney work on specific aspects of client files, rather than assign the entire matter, or the client, even when the attorneys were competent to perform and / or manage the entire file or client.

In attempting to come to terms with the above issues, several partners believe that the firm's partner compensation system may be a major factor contributing to the firm's problems concerning associate productivity.

They have been specially designed to assess partners» perceptions about how well the combination of their firms» leadership and governance, policy determination and implementation, cultures, strategic planning process, partner compensation system and client base, brings out the energies and talents of their attorneys.

Below are 12 tips I have recommended to many of our law firm clients to enhance their partner compensation systems.

One of the biggest risks to a small law firm — and one that is frequently overlooked or, in some partnerships, deliberately ignored — is its partner compensation system.

This is going to take some significant «tweaks» of most law firms» partner compensation systems.