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Rewards for the modern law firm

Robert Postlethwaite believes ABSs could open up new ways of rewarding the best and brightest while promoting a new, more profitable, way of thinking

15 March 2013

The introduction of ABSs looks set to change ways in which talented lawyers in many firms are rewarded, as Andrew Cromby rightly points out (‘No pot at the end of the rainbow’: Solicitors Journal, 5 March 2013). Investors’ requirements to obtain a financial return will undoubtedly leave less in the pot to reward the lawyers. But it is not all doom and gloom.

Any business, ABSs included, will ?need to reward those who create its wealth. A firm that is heavily reliant on highly-skilled lawyers will need to reward them ?at a sufficient level to secure their commitment and energy. The position is similar with firms providing more commoditised services, except that the key people may comprise fewer lawyers and more managers and technologists. Without adequate and market reward, talent will leave, and the firm’s revenues – and value – will quickly diminish.

Many ABS...

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