A LAW FIRM'S GUIDE TO
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Firms should expand their hiring criteria beyond law school and class rank to include suitability for the contemplated role and ability to address client needs.
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Firms willing to invest time and effort into defining the roles needed for a specific position are more likely to hire the right candidates.
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ASSOCIATE DEVELOPMENT
ROLE-SPECIFIC HIRING
Setting expectations for associates is extremely useful in the developmental process and helps avoid burnout. This article with infographic included provides a sample of a recommended process for setting work ethic expectations.
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To ensure that each associate is progressing and in their assigned role, firms must monitor associate performance. Several data-driven feedback opportunities for firms to use in monitoring and evaluating performance are described in this article.
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For those firms who still believe it is worthwhile to invest in hiring directly from law school, we recommend a process that includes the elements described in this article.
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As more clients refuse to pay for associate training, a structured planning process seeks to generate associate value on an expedited basis. This article describes how firms can implement this process.
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COMPENSATING
ASSOCIATE TRAINING
In a competitive legal market, properly incentivizing and compensating associates is essential to not only the retention of top attorneys but also to a firm's profitability and long-term viability. This article reviews the components and processes to consider in developing an effective associate compensation system.
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COMPENSATION SYSTEM DEVELOPMENT
This article discusses the question:
How should a firm compensate same-year associates working in different practice areas with materially differing billing rates?
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PRACTICE AREA FACTOR
This article will discuss the components of a successful compensation system, including base pay and bonus pay. It will review ways in which your firm can approach these components in developing an associate compensation system.
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BASE PAY AND BONUS COMPONENTS
PROFITABILITY FACTOR
Compensating based on profitability ensures that a firm’s bonuses are tied to created profits. Included in this article are formulas and reports to help understand how compensating for profitability may work.
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ORIGINATIONS, TRAINING, LEVERAGING, RECRUITING FACTORS
When determining associate compensation, firms rarely go beyond the billable hour. This article will define four of the more quantifiable, non-production areas that firms can measure when determining associate pay including: originations, training, leveraging, recruiting profitable lawyers.
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Want to develop your associates into stellar attorneys?
Start by hiring the right ones.
THE PLAN:
Hire the best attorneys. Develop them into successful attorneys. Encourage productivity and retention with compensation and incentives. Repeat.
For firms that are committed to law school hiring…….. rather than who still believe.
Does your firm want to stay around for a while?
A competent compensation system is a must.
This great plan involves a committed effort, the right systems and the right people. The links to the articles below can help law firms to put this plan into action.
