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Earning Your Just Rewards
When you and a few hand-picked colleagues realized your dream of independence by starting your own law firm, you vowed that you'd never repeat the mistakes made by the old, big, hidebound firms where you had worked before. You promised one another that your new firm would reward partners for their contributions to the firm, not just for having their names listed on the door.
Now, a year or so later, you and your new partners are swamped with business. That's good. But with a substantial net distributable income, you're not sure how to apportion the credit. That's bad. Despite your best intentions of rewarding each person strictly according to his or her contribution, you haven't yet found the solid system of partner compensation you want for your firm.
You face many questions. What should be the evaluative criteria? Who should decide? How should the decisions be made? How should this information be communicated back to the partners? Beset with such vital concerns, no wonder you feel like you're stuck in a swamp surrounded by hungry alligators.
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