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Amending the Law Firm Partnership Agreement Image

Amending the Law Firm Partnership Agreement

Arthur J. Ciampi & Maria L. Ciampi

Many law firms with a written agreement stick it in a drawer, rarely read it, and do not amend it. Failing to amend the agreement can cause harm to the firm and its partners.

Features

To Have or Not to Have Partner Reviews: A Reflection of Firm Culture Image

To Have or Not to Have Partner Reviews: A Reflection of Firm Culture

Sharon Meit Abrahams

Firms are conducting their mid-year associate reviews around this time. What about partners? Typically, partner feedback is given by means of their new annual compensation. If your firm is not doing partner reviews now is the time to start. As firms are looking for ways to increase retention and survive the great resignation conducting partner reviews might hold the key. Doing reviews makes a statement about your firm's culture.

Features

Law Firms Are Using Clawback Provisions to Stop Lateral Departures Image

Law Firms Are Using Clawback Provisions to Stop Lateral Departures

Jessie Yount

As law firms face mounting pressure from the talent wars, many are attaching strings to their partnership agreements in order to protect their partnerships and forestall lateral departures in a high-demand market.

Columns & Departments

Players on the Move Image

Players on the Move

ljnstaff

A look at moves among attorneys, law firms, companies and other players in entertainment law.

Columns & Departments

Players On the Move Image

Players On the Move

ljnstaff

A look at moves among attorneys, law firms, companies and other players in entertainment law.

Features

Law Firms Need to Look At Partnership Behaviors to Manage Profitability Image

Law Firms Need to Look At Partnership Behaviors to Manage Profitability

Hugh A. Simons

In the decade ahead, the mechanism for offsetting the effects of external market forces on profitability will shift from changing partnership composition to transforming a partnership's behavioral norms, centering on how partners behave toward each other and help each other become the best possible version of their professional selves.

Features

Who Benefits, and Who Doesn't, from Returning to the Office Image

Who Benefits, and Who Doesn't, from Returning to the Office

Patrick Smith

When the pandemic sent everyone home in March 2020, it was a seismic shift in work, but one that had a clear reasoning behind it, and, oddly, was remarkably uniform in execution for all involved. The return to the office is much more complicated, and it isn't just about logistics.

Features

Pension Plans Changes: Will Retiring Partners Shoulder the Risk? Image

Pension Plans Changes: Will Retiring Partners Shoulder the Risk?

Dylan Jackson

For some firms in the Great Recession, reduced revenues combined with the overwhelming pressure from multimillion-dollar pension liabilities — a holdover from the days when pensions were simply a promise firms made to retiring partners — were too much to bear. But with the Great Recession now a decade in the past and another recession brewing, has the industry learned from its mistakes?

Features

How a Law Firm's Comp System Affects Profitability and Partner Satisfaction Image

How a Law Firm's Comp System Affects Profitability and Partner Satisfaction

Hugh A. Simons

Compensation systems are typically a strategic afterthought, seen as the means by which to allocate the spoils of a successful strategy. They're viewed as affecting the level of grousing among partners, but not a firm's performance. The data, however, indicates the reverse is true.

Features

Linking Partner Pay to Strategic Firm Objectives Image

Linking Partner Pay to Strategic Firm Objectives

J. Mark Santiago

In general law firms have been slower to adopt pay for performance systems. What law firms need now, and this article describes, is an approach to partner compensation that closely links a partners pay to their ability to contribute to the achievement of the firm's strategic objectives.

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