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Consider a Values-Based Partner Compensation System for Your Boutique Law Firm – Part 1

June 28, 2018 by Marcia Watson Wasserman

If your partner compensation system is no longer working for you, consider a complete overhaul and implement a values-based system that embraces shared partner values and desired firm culture, to replace it.  When law firms are formed with only a few equity partners, many take the easy path of dividing the profits equally among the partners. In a new, three equity partner law firm, that means all three partners own 33 1/3% of the firm and receive 33 1/3 % of the profits, regardless of their individual contribution to the firm.

While the “share equally system” may work for a while, eventually the firm may outgrow it as individual contributions develop, such as in the case of this scenario:

[Read more…]

Filed Under: Compensation and Benefits Tagged With: Benefits, Compensation, Law Practice Management, partner compensation, values-based partner compensation

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  • Consider a Values-Based Partner Compensation System for Your Boutique Law Firm – Part 1

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“Hiring and Retention Lessons Learned from the Great Resignation – What Employees Want," July 19, 2022, Bruin Professionals, Beverly Hills Chapter. “Hiring for your Law Firm: Lessons … Read more

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  • Consider a Values-Based Partner Compensation System for Your Boutique Law Firm – Part 1

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