An Attorney Compensation Plan is critical to your law firm’s success.
A well-designed plan drives leadership, boosts performance, and helps you realize your practice goals. It attracts top legal talent – from new associates to lateral partners – and keeps them happy, so they will want to stay at your firm forever.
And it helps establish a firm culture that is equitable, ethical, and all-in.
Law firms that lack a fair and workable pay structure will not attract and retain blue-chip recruits. This leads to turnover, instability and talent drain – all of which impacts the quality and consistency of client service.
In this webinar, attendees will learn how to create a pay structure that’s right for their practice, whether they’re building a plan from scratch or updating their existing plan.
They will learn about compensation models from Eat-What-You-Kill to Lockstep Systems. They will receive current data on lawyer salaries and benefits, tips for dealing with the emotional aspects of compensation, and valuable checklists, templates and strategies. They will be instructed on their ethical obligations under the Rules of Professional Conduct.
The course will be taught by Brenda Barnes and Camille Stell, authors of RESPECT: Insights in Law Firm Compensation, and two of the country’s foremost experts on Attorney Compensation Plans.
Do you have a Law Firm Compensation Plan? Without one, you’re hampering the success of your practice. An effective and equitable pay structure will increase firm productivity, reduce turnover and boost office morale. It will help you recruit and retain the highest caliber of legal talent. And it will allow you to provide consistently excellent client service. Join us on September 27 for the CLE webinar, Creating an Attorney Compensation Plan That Will Build Firm Culture and Attract Top Talent, and learn how to design and develop a compensation plan that’s right for your practice – whether you’re building one from scratch or updating an existing plan. This free, one-hour CLE will be taught by two of the country’s top authorities on law firm economics, Brenda A. Barnes and Camille Stell, co-authors of the book RESPECT: An Insight to Attorney Compensation. Don’t miss this latest installment in Alta Pro’s highly popular, cutting-edge CLE webinar series. Register now!
Compensation Drives Success
“The one thing that drives most decisions in a law firm is compensation,” says law firm management consultant Brenda Barnes. “I have seen ill planned systems bust up firms, major partners leave firms, and the lack of transparency of the system leave associate attorneys anxious and in the dark.”
- There is no one-size-fits-all plan.
- A good pay plan enhances firm stability.
- A good plan is fair, equitable, easy to understand, and in writing.
- Your compensation plan should be consistent with your brand and core values.
- Transparency is key.
- Communication is key.
- Compensation can include salary, benefits, intangibles and other factors appropriate to your practice.
- Pay structures should be reviewed regularly.
- Existing compensation structures should be evaluated for fairness, historical bias and obsolescence. New plans should correct inequities.
- Firm partners should prepare individual compensation plans each year that outline their personal goals for firm administration, growth and business development and recap the prior year’s accomplishments.
- Encourage feedback.
- Require accountability.
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