Remuneration and career management strategies for law firms
Organization: Ark Group
|Event Date/Time: Nov 21, 2013 / 9:00 am - (GMT)||End Date/Time: Nov 21, 2013 / 4:30 pm - (GMT)|
Aside from the longstanding debate about which partner remuneration model to opt for, whether lockstep, merit based or hybrid, the pressures on traditional law firm remuneration structures are growing daily. To future proof your partner remuneration model and performance management system, it will be essential to put them in the context of the market change which is happening right now and to allow for the impact of generational shift. Managing Partner's 7th Remuneration and career management strategies for law firms conference will provide you with the insight you need to tackle three key areas of market change:
- Clients are demanding lower prices for legal work which they don't mind having completed by less qualified lawyers. This can make your classic seniority based payscale seem expensive and burdensome. Clients are also seeking more commercial advice from their lawyers, which means new skills are needed, and even, new business operating models, with commercial advisers, consultants, split out from technical lawyers and paid according to what the market will withstand. How can you become more agile and skill your people up accordingly?
- The arrival of alternative business structures (ABSs) highlights the limitations of the classic seniority based model, with the new corporate businesses being able to take a more agile approach. New roles created in ABSs also mean that new career paths will be created. What lessons could you take from the ABS approach? How can you stop your most entrepreneurial talent leaving to join your ABS competitors?
- Mergers are being announced daily as the legal services market consolidates, and, when two firms come together, the two remuneration systems necessarily have to be integrated, which can be a fraught process. The new business will also have to combine two previously distinct career paths together. What strategic approach should you take when your firm is merging?