Compensation Innovation: An in-depth exploration into the future of law firm compensation

Thorough and practical advice that will enable firms of all sizes to develop fit-for-purpose compensation systems that can be effectively managed to drive the right behaviors and, in turn, financial success.

Additional taxes may be applicable

Details

  • Publication date: February, 2018
  • Pages: 100
  • ISBN: 978-1-78358-318-8

Description

Commentators have argued for many years that law firms need to move forward from their traditional, seniority-based compensation systems.

But it’s not enough to simply add performance-related elements at the edges of these. Shifting generational-based attitudes; changing career aspirations; increasingly demanding clients; and pricing innovation and development in the range of benefits that can be offered (both financial and non-financial) all conspire to urge firms to rethink how their compensation system operates at all levels, across the whole firm.

By reviewing these emerging factors, Compensation Innovation: An in-depth exploration into the future of law firm compensation aims to inspire law firms towards future proofing their compensation systems so that they continue to deliver results as their partnerships age. Exploring also the interplay between compensation and succession planning, and compensation and lateral hiring, the authors keep one eye to the future

Contents

Summary
About the authors

Chapter 1:
Why we need to reward people differently
August J. Aquila, principal, AQUILA Global Advisors LLC

Chapter 2:
Compensation in a timeless practice
John Chisholm, consultant, John Chisholm Consulting

Chapter 3:
Common metrics, common methods, and common success – how in-house lawyers and firms can work better together by aligning law firm compensation with client success
Paul Lippe, Advisory Board, Elevate Services and former CEO of Legal OnRamp

Chapter 4:
Staying in the race – why top firms pay so much for associates (even though they lose money on it)
Dan O’Day, vice president, sales and client services, American LegalNet

Chapter 5:
Lateral hire compensation – managing risk vs reward
Rebecca Holdredge, chief operating officer, Decipher

Chapter 6:
Associate compensation structures that appropriately reward associates and promote the goals of the firm
Arthur G. Greene, principal, Boyer Greene, LLC

Chapter 7:
Reward today or invest in tomorrow? Aligning partner behaviors with the long-term health of the firm
Timothy Corcoran, principal, Corcoran Consulting Group, LLC

Chapter 8:
Evolve AND innovate – how law firms need to change in order to keep their reward strategy fit for purpose
Simon Nash, director, Insight Limited and formerly Global HR Director at Carey Olsen

Chapter 9:
Adopting a total reward approach and segmenting the firm’s offering to reflect different employee preferences
Benjamin Viney, director of talent and rewards, and Polina Pavlova, consultant, Willis Towers Watson

Chapter 10:
Work–life balance and flexible working – who benefits the most, employer, employee, or both?
Nina Gray, CEO, Gray Legal Search

Full Overview

Authors

Timothy B. Corcoran
Senior executive. Noted speaker and columnist and the author of Corcoran’s Business of Law blog
August Aquila
Internationally known speaker, consultant, and author
John Chisholm
Consultant, John Chisholm Consulting
Paul Lippe
Paul Lippe is the CEO of Legal OnRamp
Dan O’Day
Vice president, sales and client services, American LegalNet
Rebecca Holdredge
Chief operating officer, Decipher
Arthur G. Greene
Principal, Boyer Greene LLC
Simon Nash
Director, Insight Limited and formerly global human resources director at Carey Olsen.
Benjamin Viney
Director of talent and rewards, Willis Towers Watson
Polina Pavlova
Consultant, Willis Towers Watson
Nina Gray
CEO, Gray Legal Search

You may also be interested in..

Think about attending..