A Global Survey of Large Law Firm Compensation Practices

While there are continuing differences between compensation practices between U.S. and Canadian firms, and law firms in the rest of the world, findings from the latest Kerma Partners’ survey reveal that global harmonization of performance and compensation management may be more likely than ever. The basis and process used to compensate partners is becoming increasingly […]

Full Circle: Alternative Pricing

The silver lining for law firms in the recession may just turn out to be alternative pricing.  For years, sophisticated managing partners have realized that changing the basis for pricing legal services could enhance profits more than any other available action.  The only problem was that neither their lawyers nor their clients were willing to […]

Managing Expectations: Compensating Unique Lateral Partners

Occasionally firms are presented with a unique opportunity to attract a senior in-house lawyer or governmental official as a lateral partner.  If such a person becomes successful, the rewards to the firm can be staggering.  But the failure rate of lawyers who intend to build a practice from scratch, regardless of their credentials, is high.  […]

For many law firm partnerships, the default solution in dealing with underproductive partners is to fire them.  Presumably, the reason firms immediately choose the “nuclear option” is not because it is particularly attractive.  Rather, they simply don’t have the confidence that any other option will work.  This is unfortunate because they pass up a potentially […]