10 Characteristics of a Successful Law Firm Compensation System

Описание: In speaking with clients who view their compensation plans as effective and successful, columnist Peter A. Johnson has identified several common elements.

No. 1: Recognize and reward contributions toward the firm’s goals and objectives.

No. 2: Be perceived as fair, consistent and predictable.

No. 3: Be fundamentally fair (Do I get paid fairly for what I do?) and relatively fair (Am I paid fairly when compared to other partners?).

No. 4: Recognize and reward consistent contributions to the firm’s historical success.

No. 5: Recognize and reward immediate past year strong performances and the prospects for major contribution in the immediate future.

No. 6: Foster an atmosphere of unity, teamwork, collegiality, and harmony within the firm.

No. 7: Avoid significant swings in base compensation from year to year.

No. 8: Afford a process to allow partners to provide comments and recommendation about themselves and other partners.

No. 9: Consider the success of personal goals and objectives.

No. 10: Recognize and reward a variety of contributions to the success of the firm by members possessing diverse strengths, skills and interests.

Read the full article, "The Key Components of a Successful Compensation Plan," which details how to build your firm's compensation plan at https://attorneyatlawmagazine.com/key...

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