Law Firm Compensation Strategy: A Virtual Think-Tank
Adapting compensation and resource allocation strategies to meet a rapidly changing legal landscape
How has a global pandemic shifted what matters most to clients? And what are the implications as it pertains to rewarding “success” (and profitability) within law firms?
One clear consequence of the COVID-19 pandemic is that it is forcing many law firms to reconsider staffing and resource allocation for their businesses, in essence accelerating the pace of change. Some roles will soon be deemed unnecessary, as revenue pressures demand that firms reevaluate their spending.
Many law firm partner compensation plans are outdated. They over-emphasize some contributions while ignoring others. They perpetuate conflicts between what's good for the partner and what's good for the firm. And they also fail to capture or reward profitability, client satisfaction, or "intangible" contributions that reflect critical responsibilities of the owners.
How can law firms best address the internal struggle between long-standing cultural norms and an evolving data-focused business environment in which firms must be willing to adapt and accept new ways of analyzing their businesses?
Ark Group’s Law Firm Compensation Strategy: A Virtual Think-Tank will provide an opportunity for attendees to learn how compensation can be leveraged as a forcing function to drive positive change and adaptations in partner behavior – aligning incentives with strategic priorities, client needs and financial goals.