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Hedging bets: How to align compensation with firm strategy

Tom Berman discusses how to ensure your lawyer compensation scheme supports ?your firm’s long-term priorities

14 September 2012

One of the thorniest issues ?facing law firms today is ?lawyer compensation.

This is partly because it is so extraordinarily difficult to achieve a correct balance between the interests of various strata of lawyers in the firm. But, it is also partly because firms are trying to strike a balancing act between rewarding billings and new business development. As a result, many firms are frozen in place and are largely unable to address the issue of how to effectively compensate lawyers.

Lawyers are fond of saying that compensation is the engine that drives the train. That’s agreed, but it is the compensation scheme that affects virtually every aspect of the firm’s operations, including how well and in what manner the firm serves its clients.

Many law firms maintain a compensation scheme that may easily be perceived as having a n...

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