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Commentators have argued for many years that law firms need to move
forward from their traditional, seniority-based compensation
systems. But it's not enough to simply add performance-related
elements at the edges of these. Shifting generational-based
attitudes; changing career aspirations; increasingly demanding
clients; and pricing innovation and development in the range of
benefits that can be offered (both financial and non-financial) all
conspire to urge firms to rethink how their compensation system
operates at all levels, across the whole firm. By reviewing these
emerging factors, Compensation Innovation: An in-depth exploration
into the future of law firm compensation aims to inspire law firms
towards future proofing their compensation systems so that they
continue to deliver results as their partnerships age. Exploring
also the interplay between compensation and succession planning,
and compensation and lateral hiring, the authors keep one eye to
the future.
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