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Vol 21 No 9 Sept/Oct 2016

Book of the Month

Cover of Goode on Commercial Law

Goode on Commercial Law

Edited by: Ewan McKendrick
Price: £170.00

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Partner Remuneration in Law Firms: A Guide to Reward Structures, Performance Management and Decision-Making

Edited by: Michael Roch

ISBN13: 9781911078067
Published: August 2016
Publisher: Globe Law and Business
Country of Publication: UK
Format: Hardback
Price: £130.00

In stock.

Law firms are constantly looking to improve the effectiveness of their partner remuneration systems and to make the administration of their partner review processes more efficient.

This comprehensive volume, edited by Michael Roch and published on behalf of the International Bar Association, looks at partner remuneration in the context of strategy implementation, the firm’s organisational design, governance and culture.

The chapters cover all topical issues on partner remuneration systems from locksteps to “eat-what-you-kill” meritocracies, performance management and remuneration-related decision making. This volume also covers some special issues and provides a perspective of how the law firm of the future will view partner compensation.

This practical book, full of real-life examples, addresses a variety of issues to be considered when designing, managing or administering partner remuneration / compensation systems. While the book does not advocate a single “best” approach to remuneration, it explores various alternatives that are suitable for law firms of different sizes and in different markets. It will be of interest to managing and senior partners, board members, HR directors and remuneration committee members of local, national and regional law firms alike.

Legal Practice Management
Partner remuneration as a tool for strategy implementation
The impact of organisational design and governance on a partner remuneration system;
Partner remuneration and law firm culture
Systems typically operated in small firms – cost sharing formulas and fixed share systems
Financial meritocracies (eat-what-you-kill systems)
Lock-step systems and their variations
Hybrid systems and contribution-based meritocracies
Exploring the regional differences in partner remuneration: Latin America
Motivation behaviour and remuneration: partner contribution (aka performance) management
Transparency: ‘open’ and ‘closed’ systems
Role of the Remuneration Committee
Addressing currency tax and cost of living factors in the internationalising firm
Law firm founders goodwill and partner remuneration
Salaried partners and fixed share partners
Lateral partner hires:investing in new markets
Remuneration in alternative business structures and other corporate environments
Partner remuneration of the future