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Paying and Transitioning Leaders
As we begin the new year, many law firm partners are taking on new leadership roles in their firms. These individuals may be running practices, offices, regions, special firm committees or entire firms. The roles could be limited to specific issues undertaken in addition to everyday responsibilities for a short duration, or could require the entirety of their time and energy for many years.
When a law firm asks an individual to step forward on behalf of the group, it is incumbent on the group to define the scope, authority and expectations for the leadership position. In addition, there should be mechanisms in place to evaluate leadership performance, provide feedback and appropriately adjust compensation. It is common to hear partners talk about leader pay as a kind of “tax” on their own compensation. However, this so-called tax provides the firm with centralized management functions and, it is hoped, generates the benefits of practicing in a more competitive law firm.
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