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Partner Remuneration in Law Firms

Partner Remuneration in Law Firms A Guide to Reward Structures, Performance Management and Decision-Making

Author: Michael Roch
Publisher: Globe Law and Business
ISBN: 9781911078067
Published In: August 2016
Format: Hardback , 179 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
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Author

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Law firms are constantly looking to improve the effectiveness of their partner remuneration systems and to make the administration of their partner review processes more efficient.

This comprehensive volume, edited by Michael Roch and Polina Pavlova and published on behalf of the International Bar Association, looks at partner remuneration in the context of strategy implementation, the firm’s organisational design, governance and culture. The chapters cover all topical issues on partner remuneration systems from locksteps to “eat-what-you-kill” meritocracies, performance management and remuneration-related decision making. This volume also covers some special issues and provides a perspective of how the law firm of the future will view partner compensation.

This practical book, full of real-life examples, addresses a variety of issues to be considered when designing, managing or administering partner remuneration / compensation systems. While the book does not advocate a single “best” approach to remuneration, it explores various alternatives that are suitable for law firms of different sizes and in different markets. It will be of interest to managing and senior partners, board members, HR directors and remuneration committee members of local, national and regional law firms alike.

Preface

Introduction

Partner remuneration as a tool for strategy implementation

The impact of organisational design and governance on a partner remuneration system;

Partner remuneration and law firm culture

Systems typically operated in small firms – cost sharing formulas and fixed share systems

Financial meritocracies (eat-what-you-kill systems)

Lock-step systems and their variations

Hybrid systems and contribution-based meritocracies

Exploring the regional differences in partner remuneration: Latin America

Motivation behaviour and remuneration: partner contribution (aka performance) management

Transparency: ‘open’ and ‘closed’ systems

Role of the Remuneration Committee

Addressing currency tax and cost of living factors in the internationalising firm

Law firm founders goodwill and partner remuneration

Salaried partners and fixed share partners

Lateral partner hires:investing in new markets

Remuneration in alternative business structures and other corporate environments

Partner remuneration of the future

Consulting editors: Michael Roch, Internal Consulting and Polina Pavlova, Willis Towers Watson

Consulting editor
Internal Consulting	Michael Roch
Willis Towers Watson	Polina Pavlova
Contributing firm	Author(s)
Addleshaw Goddard LLP	Aster Crawshaw
Basham Ringe y Correa SC	Daniel del Rio
Boodle Hatfield LLP	Andrew Wansell
Carey	Jaime Carey
Fernández Madero Consulting (FMC)	Jaime Fernández Madero
Heidrick & Struggles	Marc Bartel
Karanovic & Nikolic	Patricia Gannon
KermaPartners	Rupprecht Graf von Pfeil
	Leopoldo Hernández Romano
Law Firm Change Consultants	Christoph H Vaagt
M & M Bomchil	Máximo Luis Bomchil
Møller PSF Group Cambridge Ltd	Robert Millard
S P R L Menzer & Bachmann Noerr	Jorg Menzer
Walker Clark LLC	Norman Clark