Holding your own
A recent survey has shown that retaining partners is now the most critical issue facing law firms. Colin Ives looks at how successful the respective remuneration systems are in keeping players on board
The Smith & Williamson legal sector survey conducted at the end of 2001 reveals a notable change in the principal business influences as perceived by managing and senior partners in law firms. The table (below) shows that while the six key business influences remain the same as the year before, there is a significant shift towards a focus on retaining key partners (which moved from fourth place to equal first). Equally noteworthy is that the top four factors relate to firm profitability.
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