The concept is pretty straightforward: If a law firm associate in one practice area bills at a significantly higher rate than a same-year associate in a different practice area, shouldn’t he or she make more money?
Philadelphia’s Post & Schell thinks so. It has done away with the popular lockstep model in favor of an associate compensation system that focuses on each attorney’s ability to generate revenue for the firm. Since 2000, the 170-attorney firm has been paying its 90 associates based on their practice area as opposed to their class year, said firm President and Chief Executive Officer Brian Peters. The arrangement means that the attorneys who generate the most revenue for the firm, because they bill at the highest rates, also collect the highest associate salaries.
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