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Associate Compensation Increases
Among professional service firms, there is a definite increase in competition for talent. But competition for talent could indicate a commensurate increase in salaries and billing rates that will probably put tremendous pressure on law firms to be more efficient and effective in the delivery of legal services. This pressure will change a law firm's business model and culture. How will the staffing and business models change, and how will law firms use these trends to improve their competitive position? These issues will be the focus of this article.
The Changing Environment
There is a global increase in the competition for talent among professional service firms. Many lawyers note that there does not seem to be such a big crisis when MBAs and CPAs receive large salary increases. But law firms must realize that almost all of the businesses that use that talent usually bill based on a fixed fee, not on a law firm's business model of cost-plus basis (which is hourly rate times effort). Firms that use MBAs and CPAs take risks by basing their fees on results. They manage their projects according to the value added to the client. Will law firms ever get there? I think the tipping point has been reached and commercial law firms will be there soon.
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