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Accounting and Financial Planning for Law FirmsLJN NewslettersNewsSections

Earning Your Just Rewards

By J. Mark Santiago
June 28, 2011

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.

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