Partner Compensation: Proven Pay Incentives to Motivate Partners to Achieve Firm Objectives

webinar Partner Compensation: Proven Pay Incentives to Motivate Partners to Achieve Firm Objectives

You Will Learn:

  • Key elements of every well-conceived and implemented incentivized compensation system
  • The importance of tying your compensation system to the firm’s economic goals and the partners’ financial and professional objectives
  • Pros and cons of different kinds of compensation systems
Watch the pre-recorded web conference
$365.00
 

How does your firm incentivize its partners?

How much and how attorneys are paid are likely the most controversial topics in law firm management. In fact, these issues have the potential for the most constructive (or destructive) response to management and productivity problems in firms today.

Balancing compensation in a firm is challenging. Keeping equity and non-equity partners happy (and profitable) requires a compensation plan that can 1) attract and retain top talent, 2) increase firm revenue and profitability, and 3) take your firm in the direction in which the partners want the firm to go.

This CLE webinar explores key strategies for addressing today's hot-button issues surrounding partner compensation, including basic decision-making advice and plan examples for the most common types of partner compensation.

Learning Objectives

During this information-packed program nationally recognized Certified management consultant, Joel A. Rose, will provide specific instructions about how to select the most appropriate partner compensation system for your firm, including:

  • Key elements of every well-conceived and implemented incentivized compensation system
  • The importance of tying your compensation system to the firm’s economic goals and the partners’ financial and professional objectives
  • The pros and cons of different kinds of compensation systems, including:
    • Parity system (equal compensation for all partners)
    • Lock-step system (seniority)
    • Purely objective system (formulaic, eat what you kill)
    • Purely subjective system
    • Hybrid system (combination objective and subjective)
    • Percentage/points system
  • Various types of Origination credit:
    • Individual and shared origination credit
    • Proliferation credit
    • Inherited origination credit
    • Fortuitous origination credit
    • Referred Origination credit from friendly 3rd parties
  • Systems for tracking and valuing various types of Origination credit
  • Compensation criteria to motivate partners to:
    • Originate new business
    • Cross-sell the firm’s expertise to existing and potential clients
    • Produce legal work
    • Delegate work to others
    • Bill and collect fees in a timely manner
    • Train associates
  • Addressing tensions arising from sharing Origination credit
  • Permanent Origination vs. A Sunset rule on Origination

Product ID: 14038

Bonus Material

Plus, you get our top-selling best practice guide, Law Firm Origination and Cross-Selling Credit – a $249 value – FREE!

This comprehensive guide explores the problems firms encounter before, during, and after implementing origination and cross-selling credits within the compensation system.

  • Challenges for Modern Day Law Firms
  • Developing Your Compensation System
  • Understanding the Different Types of Origination
  • Origination and Cross-Selling Credits within the Compensation System of a Law Firm
  • Prepare for Changes in Origination Credit
  • Monitoring Your Origination and Cross-Selling Credits
  • How to Teach Your Attorneys to Cross-Sell
  • Fitting Attorneys Into Proper Roles in the Firm
  • Developing a Customized Model of Performance

So, don’t delay! Get Law Firm Origination and Cross-Selling Credit TODAY – absolutely FREE!

Discover How Your Firm’s Partner Compensation System Can Attract & Retain Top Talent while Increasing Firm Revenue & Profitability!

Get it on demand now

Faculty

Joel A. Rose
Joel A. Rose
Certified Management Consultant and President, Joel A. Rose & Associates, Inc.

Joel A. Rose is a Certified Management Consultant and President of Joel A. Rose & Associates, Inc., management consultants to the legal profession. The firm, national in scope, is headquartered in Cherry Hill, New Jersey. Mr. Rose received a B.S. from New York University and an M.B.A. from the Wharton Graduate School of Business, University of Pennsylvania. He has extensive experience consulting with private law firms, corporate law departments and government agencies.

Alan H. Zuckerman
Alan H. Zuckerman
Flaster Greenberg PC

Alan H. Zuckerman serves as Flaster Greenberg's managing shareholder and chief operating officer. He is a member of the firm’s Corporate and Tax Departments and has a business practice with a concentration in federal and state taxation, business and corporate transactions, mergers and acquisitions (involving both public and privately held companies), estate planning and administration and healthcare law. Mr. Zuckerman is also a certified public accountant.

Daniel Posternock
Daniel Posternock
Managing Partner at McDowell Posternock Apell & Detrick, PC

Discover How Your Firm’s Partner Compensation System Can Attract & Retain Top Talent while Increasing Firm Revenue & Profitability!

Get it on demand now

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