The past decade has brought sweeping change to the legal
industry, from the influx of Millennials into law firms to growing
competition from alternative legal services providers. Yet many
firms have clung to compensation plans first devised years ago, in
a very different climate.
Even firms that have been stubbornly holding out in hopes the
pendulum might swing back are beginning to recognize that they need
to adapt their plans to today's realities. Keeping some
critical do's and don't's in mind can help ease the
transition.
Related Read: "
New Study Highlights the Threat of Alternative Legal Service
Providers to the Traditional Law Firm Model"
Need for change
Rainmaking and billable hours have long been the cornerstones of
law firm compensation. But this approach now is counterproductive
in many ways. Prioritizing new clients and billables can lead law
firms to incentivize attorney behaviors that may undermine client
satisfaction, efficiency and even
