Your Compensation System Isn’t Necessarily The Only Answer,

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Reprinted/posted with permission of The Daily Journal Corp (2009)

Your Compensation System Isn’t Necessarily The Only Answer,

But Let’s Make Sure It Isn’t The Problem

Third in a four part series co-authored by Patrick McKenna, Jeff Carr, Patrick Lamb and Edwin Reeser.

In this second series of articles on alternative fee arrangements, the four of us have attempted to explore how a progressive firm might deal with one of the great impediments to adopting any new change – your firm’s compensation system. And while there is no one standard framework or precedent to follow, each of these articles is attempting to provoke you to look at this challenge through a slightly different lens.

It might be very useful to have the lawyers in your firm engage in a thought experiment. What we need to do is imagine that our firm, suddenly, could no longer rely on billable hours to determine any partner’s compensation. So here’s the question for your next partner’s meeting or retreat: “If we never billed another client by the hour, how would we compensate our fellow attorneys?”

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Edwin Reeser, Edwin B. Reeser, A Professional Law Corporation | Attorney Advertising

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