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Outdated Compensation Plans Leave Young Lawyers Disenchanted About Leadership Roles
Law firms are tweaking partner compensation in response to competitive pressures. And certainly, some firms have taken steps to recognize nontraditional compensation criteria such as collaboration. But on the whole, compensation drivers have largely remained unchanged since comp plans were first developed.
Many comp plans still in use today were created as early as the 1980s, when firms had fewer competitors, more regional work, and not many LPOs or other ancillary businesses. As a result, "compensation plans for yesteryear often fail to recognize what is required of lawyers today," said Tim Corcoran, a law firm consultant at Corcoran Consulting Group.
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New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.