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Jan 10, 2008
How Can We Determine If Our Law Firm Partner Compensation System Is Working
Question: Do you have any suggestions concerning how we can determine if our compensation system is functioning properly?
Response:
You can start with the following firm – self-test. Has the firm experienced or is it experiencing:
- Partner defections
- Firm splits and breakups
- Personal fiefdoms
- Maverick partners
- Hoarding work
- System perceived as unfair
- Problems acquiring and retaining top legal talent
- Low productivity
- Low profitability
- Client dissatisfaction
- Low morale
- Disputes with former partners
If your firm is experiencing or has experienced the above symptoms, it is time to really examine where the firm is headed and what messages your compensation is sending out to your partners. Is the firm trying to be a firm or merely a group of lone rangers.
John W. Olmstead, MBA, Ph.D, CMC
Posted at 09:39 AM in Compensation
Tags: Law firm compensation
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