Compensation is always a hot topic when a group of managing partners gets together to talk shop. And if you’ve read any of our writings over the years, you know how we feel about compensation. Yes, it’s important to consider the numbers (typically billable hours, collections and origination), but it’s also important (perhaps more so in some cases) to reward the time and effort your firm’s attorneys invest in the future. Contributions like mentoring, training, business development, firm leadership, etc. And that applies to associate attorneys, as well.
In the article, seven managing partners share how their firms go about rewarding associate attorneys. In addition to the billable stuff, here are some of the other factors they consider at bonus time:
- Firm Citizenship
- Sharing and Teamwork
- Client and Partner Satisfaction
- Business Development Effort