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.
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