Compensation Plans for Law Firms

Front Cover
James D. Cotterman
American Bar Association, 2010 - Law - 165 pages
This newly updated fifth edition of Compensation Plans for Law Firms examines the continually evolving compensation landscape and the concepts that will affect your law firm most. You'll take an extensive look at the world of law firm compensation, including: -- Compensation theory --The art and science of compensation -- Partner and shareholder compensation -- Of Counsel compensation -- Associate Compensation -- Paralegal compensation --Staff Compensation -- Bonuses, increases, and incentives -- Debt, taxes, retirement, and withdrawal -- Evaluations, fairness and flexibility --And much more! Learn Where Your Firm Stands The book also features valuable data from the leading legal consulting firm Altman Weil's annual and triennial surveys on law firm performance and compensation, retirement and withdrawal and compensation systems. Charts and graphs help you see where your firm stands on salaries and bonuses, and it gives you detailed analyses of compensation plans for everyone in your firm. Compare your compensation system to law firms across the country. This one volume provides you with your primary research source leading you to auxiliary sources for further information as appropriate. They can support your current compensation system, or help you reevaluate your current methods of compensation. Careful advance consideration is essential to the success of your compensation plan. Using this valuable reference you can develop a compensation plan that conveys fairness, simplicity, and flexibility and strike the perfect balance within your firm.
 

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Contents

Partner and Shareholder Compensation
15
Partner and Shareholder Compensation Criteria
16
Classes of Partners
26
Administration of the Compensation Process
27
Basic Approaches to Compensation
33
Can a Partners Value Be Measured?
49
The Theoretical Value of Service Providers and Rainmakers
54
Allocating Large Success or Premium Fees
61
Paraprofessional Compensation
101
Paralegal Compensation
102
Staff Compensation
105
Salary Increases
107
Bonuses
111
Nonexempt Staff
112
Conclusion
115
One Firms Rules for Allocation of Client Production Credit
117

Rewarding the Stars
67
Other Owner Compensation Issues
68
Summary
70
Of Counsel Compensation
73
Of Counsel Compensation
75
Associate Compensation
79
Salary Administration
84
Bonuses
93
Contemporary Issues on Capital
123
Retirement Primer
129
Exempt Employees
139
Benefits
145
Deciding Whos Right and Whos Wrong for Your Law Firm
149
Index
159
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