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Compensation systems are typically a strategic afterthought, seen as the means by which to allocate the spoils of a successful strategy. They’re viewed as affecting the level of grousing among partners, but not a firm’s performance. The data, however, indicates the reverse is true. Profitability growth has varied markedly by compensation system over the past decade, while partner satisfaction has been consistent across all systems. The choice of compensation system is thus best thought of as a critical strategy decision, with second-order implications that leaders need to think through and manage adroitly.
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2019 Was a Record Year for the Am Law 100 But What Will 2020 Hold?
By David Thomas
After a 5% increase in gross revenue and 3% growth in revenue per lawyer, the Am Law 100 were in a good place at the start of 2020. Then a global pandemic started. Now what?
Pension Plans Changes: Will Retiring Partners Shoulder the Risk?
By Dylan Jackson
For some firms in the Great Recession, reduced revenues combined with the overwhelming pressure from multimillion-dollar pension liabilities — a holdover from the days when pensions were simply a promise firms made to retiring partners — were too much to bear. But with the Great Recession now a decade in the past and another recession brewing, has the industry learned from its mistakes?
How to Survive (and Even Thrive) During and After the COVID-19 Lockdown
By Valerie Chan
The ability to adapt, be nimble and pivot as necessary is crucial to surviving and thriving in ever-changing economic climates. Communicating in the age of social distancing requires a new way of thinking and being — not just in the virtual workplace with our peers but also how we communicate and partner with our clients.
Adopting COVID-19 Cuts, Law Firms Balance Image and Economics
By Patrick Smith
Firms Are Applying Communications Lessons from the Great Recession As They Deliver Bad News During the Coronavirus Pandemic.
As firms echo their response to the COVID-19 crisis, they are also showing they learned from the experiences of a decade ago, including the negative effects of delivering cuts unevenly, clumsily or with unnecessary secrecy.
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