August Aquila; Thomas Berman; Toby Brown; James D Cotterman; Arthur G Greene; Jeffrey A Lowe; Joel A Rose; Michae Roster Globe Law and Business (2014) Pehmeäkantinen kirja
The legal industry has undergone massive change due to economic conditions, changing client behaviours, and technological advances - to name but a few of the major sources of disruption to traditional legal practices. Possibly for the first time in several decades, a comprehensive rethinking of how legal work is priced and staffed and how lawyers should be evaluated and compensated is underway amongst US firms. Partner compensation, as well as proper pricing and budgeting of work, must be brought into line with what delivers the best results for clients - yet firms are often confused when it comes to aligning compensation with firm goals and client expectations. This report provides expert views from well-known industry experts to answer important questions such as: How a law firm can align a compensation system with strategic goals; How to align profitability and compensation plans; How to align compensation with client priorities; and How different pay for performance schemes can be used. Unique selling points: The report contains articles from well-known and respected experts who are regularly consulted on law firm compensation - the report brings together their thoughts and advice in one publication The articles have been specifically written for senior partners/management who wish to examine the effectiveness of their current compensation systems and it will help them understand: o How to measure the firm's compensation acumen o The questions that need to be asked and the main criteria the firm needs when setting a compensation plan o How to align compensation with firm goals and strategy o How to align compensation with profitability o How to align compensation with client priorities Suggested approaches to compensation have been provided by different contributors - as one size does not fit all - and firms can review the options available to them The report places compensation alongside another crucial issue in law firm management at the moment - pricing -- - and provides advice on ways to adapt compensation with pricing As a comparison, the report provides insight into compensation schemes in accounting firms and shows the methods that are effective in other professions
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