The Best Law Firm Compensation Plans Use the Rule of Thirds
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The Best Law Firm Compensation Plans Use the Rule of Thirds
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How do you design compensation plans that are good for your law firm and the new hire? Follow the wise counsel of the rule of thirds.
This episode of Attorney at Work Today is brought to you by the new podcast and YouTube series Legal Late Night with Jared Correia. Follow Legal Late Night on Apple, Spotify, or YouTube.
Adapted from an article by Brooke Lively.
Click here to read the full article, and head to Attorney at Work for more really good ideas.
- (00:00) - Intro
- (00:07) - Chapter 2
- (00:48) - The Many Approaches to Law Firm Compensation
- (01:10) - The Rule of Thirds
- (01:35) - Breaking Down Your Attorneys By Revenue Groups
- (02:07) - Common Pitfalls of Traditional Compensation Models
- (02:30) - Designing a Compensation Plan That Works
- (03:05) - There's No Magic Formula
Additional Resources:
- Black-Box Compensation vs. Percentage-Based, Variable Associate Compensation Plans
- 5 Ways Your Law Firm Compensation Plan Is Failing You
- Book Review: Everything You Need to Know About Modern Attorney Compensation Plans
- How Are Law Firm Owners Paid? Total Compensation vs. Salary
- Lawyer Compensation: Taking Your Firm From Good to Great and Enhancing Firm Profitability
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