Research using sources such as the Bureau of Labor Statistics to find salary statistics for those positions. You should understand fair market law firm salary rates in your industry and location. “The best use of money is to take the issue of money off the table… Effective organizations compensate people in amounts and in ways that allow individuals to mostly forget about compensation and instead focus on the work itself.” Drive, pg 170. Author and TED Talk speaker Dan Pink argues that companies should strive to pay team members sufficiency so that they aren’t worried or struggling. Your first step is to pay everyone in your firm a fair market salary. Yet, so are building relationships with clients, marketing, networking, and other tasks involved in a successful law practice. Sure, these are critical to a law firm’s success. Ignore success beyond new clients and billable hours.Instead of rewarding everyone’s efforts to meet firm goals, traditional law firm compensation formulas and models only reward the attorneys, bringing in the most work. A toxic work environment is always the result. When a firm lands a client, attorneys fight over who receives what percentage of the revenue, causing competition and friction within the team. Rainmaker attorneys may feel the need to focus their attention on finding new work instead of serving each client they bring in. Even if another attorney in the firm might be better suited for the client’s needs, the attorney who brought in the client fights to keep them to fulfill their financial needs. Individuals may place their financial interests over the profitability and welfare of the firm.
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