As a management consultant to law firms, it is my belief that the key in designing any compensation system is to develop an understanding of the firm’s vision and direction.
A well-designed compensation plan becomes one of many tools a firm can use to help reach its strategic goals. There are a number of other variables that partners should consider before “tweaking” their firm’s compensation system. This will require the firm to move forward cautiously when considering many of these variables. There may be long-term and/or short-term consequences associated with incorporating any tweaks.
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