Finding the right balance
The key to keeping your best lawyers is a remunerative package that reflects the firm's ethos and does not cause unnecessary division or acrimony among staff. Colin Ives looks at the pros and cons of the two most common approaches
In these times of increasing partner mobility and high wage inflation for solicitors, it is essential that firms maintain a partnership remuneration structure that acts as a financial incentive and business motivator. However, it is equally important that the structure supports the firm’s particular culture and does not cause division or acrimony.There is no single model for partnership remuneration that suits all firms; each practice is unique, requiring its unique reward system. However, most remuneration structures are based on a combination of ‘lockstep’ and merit-based systems. This article explains the relative pros and cons and highlights the need for a process which is clearly communicated, trusted and respected by all partners within a firm.
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