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Is Your Compensation Philosophy Fair and Defensible?

By James D. Cotterman
February 01, 2004

[Editor's Note: We're delighted to publish this preview excerpt from Compensation Plans for Law Firms, 4th ed., soon to be published by the ABA Law Practice Management Section. For an extended interview with the author, see "Building a Comp Plan that Works" in our February 2003 edition. ]

Readers may look to this monograph (“Compensation Plans for Law Firms”) for the magic answers to their compensation questions. Unfortunately, there are none. Effective decision-making involves more art than science. An organization can get the job done right with a proper set of compensation “tools”: a methodology for making compensation decisions, a framework of criteria to apply, rational information on which to act, institutional knowledge of individuals and events, respected decision-makers, and, finally, the skills to apply the tools, interpret the information against the criteria, and communicate the decisions. Doing the job right is no easy task.

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