Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
12 Tips to Enhance Your Firm's Partner Compensation System
There are numerous characteristics that account for compensation systems that are perceived by partners as being fair and equitable. These include the system itself and how the system is administered. Below is a list of compensation criteria that are considered by most firms when setting partner compensation.
- Production. The commitment of time to client matters as well as the valuable commitment of non-chargeable time in areas such a business development and marketing, management, training, etc.
- Billings and Collections.
- Business generation from new and existing clients.
- Business development and marketing. This includes being active outside the firm in pursuing opportunities to attract business and enhance the firm's reputation.
- Leverage. This includes delegating work to others and supervising that work.
- Profitable work. Partners should have an obligation to pay attention to the relative profitability of the types of work being handled.
- Training and supervision of others in the handling of client matters.
- Firm management and office/practice management.
Compensation Enhancement Tips
As a management consultant to law firms, it is my belief that the key in designing any compensation system is to develop an understanding of the firm's vision and direction.
A well-designed compensation plan becomes one of many tools a firm can use to help reach its strategic goals. There are a number of other variables that partners should consider before “tweaking” their firm's compensation system. This will require the firm to move forward cautiously when considering many of these variables. There may be long-term and/or short-term consequences associated with incorporating any “tweaks.”
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?