Compensation systems play a significant role in influencing a law firm’s culture. The benchmarks that a firm uses to determine compensation signal to an associate or partner that they are invaluable to the firm. This can mean the difference between high attrition rates and a dedicated team that can carry your firm into the future.
Ultimately, compensation planning is about more than just the money: it’s about growth. It’s about valuing the people who are driving your firm forward.
Our experts are here to ensure your firm is future-proofed. We are here to put a solid, attainable, long-term compensation plan in place.
What’s Included in Our Engagement:
- Data Collection
- We will create a schedule for interviews with partners and other key stakeholders in your firm and gather the data we need to create realistic financial models.
- Proposal Creation
- Using this data, we will craft a detailed proposal that includes:
- A written path to partnership outlining the subject and objective criteria for reaching partner status.
- Excel spreadsheets with financial modeling for salaries and bonuses.
- A written succession plan to outline retirement or wind down plans for eligible partners.
- Recommendations for you to include in partner or shareholder agreements to address capital buy in and pay out for partners as they enter and exit the partnership.
- Using this data, we will craft a detailed proposal that includes:
- Coach on Call
- Throughout the course of our engagement, you will have access to a succession planning coach for one-on-one sessions to ask all of your succession or compensation-related questions.
To prepare for our meeting, here are some questions to consider:
- What are your growth goals?
- Do you have a plan for how long you want to practice, run the business operations of your firm, or start your next adventure?
- Are you able to hire the right talent for your firm? Do you have retention plans to keep top talent in place?
- Do you hope to sell your practice? What are your financial needs?
- Have you hired a new generation of lawyers? Do you need to? Do you want to?
