Special Member Pricing
$50 NYSBA Members | $150 Non-Members
Partner Compensation: Admitting New Partners, Classes of Partners and Part-time Partners in Today's Practice Environment
Wednesday, November 12, 2014 | 1:00 p.m. - 2:30 p.m. Eastern
LPM CLE Webcast
1.5 MCLE Credits
Sponsored by the Law Practice Management Committee and the Committee on Continuing Legal Education of the New York State Bar Association
Program Chair: Joel A. Rose, Joel A. Rose & Associates, Cherry Hill, NJ
Faculty to be announced.
The overall goal of a partner compensation system is – or should be - to align compensation with the value of the contribution of each partner to the law firm. The contribution or value of each partner varies in kind and amount, i.e., business origination, producers of legal work, consequential non-revenue producing activities or a combination.
The challenge to lawyer management is to determine the relative value of each of these contributions in order to ensure that the system works by compensating partners fairly and motivating them to perform these activities.
Chaired by a nationally recognized law firm management consultant and featuring managing partners of law firms as panelists, this program provides a comprehensive overview of partner compensation systems and examples of compensation systems.
- The role of compensation in a law firm
- Key issues central to every well-conceived and implemented compensation system
- The importance of tying the Compensation system to achieve the firm-s economic goals and professional objectives
- Compensation criteria to motivate partners to originate new business, produce legal work, work hard, manage the firm and its components, market the firm and train associates
- The relationship of business origination to compensation, i.e., permanency of origination credit vs. a sunset rule; allocating credit for new business/cross-selling
- The relationship of billings and collections to compensation
- The relationship of delegation of work to others to compensation
- The relationship of firm management and administrative assignments to compensation
For more information about Law Practice Management resources, visit www.nysba.org/LPM.