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Compensating The Unique Practice Partner
How do you compensate the partner who has a unique practice within a law firm? Truly unique practice partners should be fairly uncommon, so first it makes sense to ask if a unique practice actually exists?
Mere specialization does not equal uniqueness. A practice group (eg, litigation vs. corporate, or insurance defense vs. contingent fee ' to name just two of the more common and noticeable pairs of specialized practices) should consider itself unique and deserving of a separate economic arrangement only if that is the nature of relationships among all partners. That would typically occur in a law firm organized and operated as a confederation.
In a more closely knit firm, a unique practice partner is one who has developed a practice that is outside the firm's core services and/or clients. Such a practice is likely to be:
- Self supporting: of sufficient scale to be a stand-alone operation;
- Independent: in that it is not dependent on the rest of the firm for the clients and work (although resources of the firm may support it to some extent);
- Interesting: at least for the partner who developed it; and
- Sustainable: economically viable over many years and in varying economic conditions.
Compensation Variables and Firm Types
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