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Partner Compensation Plans – Lock Step (Part 4 of 7)

2019-03-11T22:32:20+00:00By Debra L. Bruce, JD, PCC.|

This is the 4th article in a series of 7 discussing structures that law firms tend to adopt for partner compensation. In Part 1 we discussed the Monarch structure, in Part 2 the Parity structure, and in Part 3 the Executive Committee Monarchy.

Lock Step

Description

This model is used mainly in large, stable, well-established firms that have a lot of institutional clients. It rewards seniority. Usually, all of the lawyers who become partners in the same year are a class, and make the same compensation. The class as a whole receives an increase in points, which are the basis of allocating profit distributions, when they are elevated to the next level. Typically, the spread between the salary of the highest paid partners and the lowest paid partners is not that large – 3 or 4 to 1 is not uncommon.

When It Works Well […]

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Is Your Law Practice Evolving or Devolving?

2019-04-01T21:02:53+00:00By Debra L. Bruce, JD, PCC.|

Most lawyers evolve as they develop experience. They learn from mistakes and from observing other lawyers. Although every lawyer is different, most go through some of the same predictable stages.

Conscious Incompetence
You’ve just graduated from law school and passed the bar. Whether it’s your first client or your first assignment from a partner, your excitement is mixed with anxiety. You’ve never done this before. You don’t really know what you are doing. You’re scared that someone will find out.

Unconscious Incompetence
You have some experience under your belt. You feel like you know what you’re doing. In fact, in some circumstances you actually do know what you’re doing, but you don’t know what you don’t know.

As a young lawyer negotiating agreements, I carefully examined every aspect of the proposed contract. I was trained in a prestigious firm that expected perfection from its lawyers. I sought to achieve a pristine document that gave my client maximal protection from every conceivable mishap. […]

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Did a Groupon Really Work for a Solo Lawyer?

2019-03-19T22:24:17+00:00By Debra L. Bruce, JD, PCC.|

Last year St. Louis attorney Craig S. Redler garnered a lot more attention than he really wanted when he offered a discount coupon for a will and power of attorney through daily deal promoter Groupon. Groupon sends its members targeted advertising of daily virtual vouchers entitling the purchasers to products and services from local businesses at deep discounts through group purchasing. If a large enough group commits to purchase the coupon, the deal is on. Thus, the name Groupon. The company was founded in 2008 and its business took off so rapidly that it now has hundreds of copycat competitors. Some of the other big players in the daily deal market include Living Social, Google Offers and Amazon with its Gold Box Deals and Woot.

A Virtual Ethics Exam

Groupon grabbed headlines when it went public in 2011. Its CEO was interviewed on 60 Minutes even as I was writing this post. What focused the legal blog spotlight on Redler, however, was the question of whether advertising through Groupon could constitute fee splitting in violation of Rule 5.4(a) of the ABA Model Rules of Professional Conduct and most state ethics rules. […]

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10 Tips for Mentoring a Young Lawyer

2019-04-01T21:27:42+00:00By Debra L. Bruce, JD, PCC.|

According to the PricewaterhouseCoopers report in its 14th Annual Global CEO Survey, 98% of Millennial workers believe that working with a coach or mentor is important to their development. More would choose training and development as a benefit than a cash bonus. When I shared information about this survey on Twitter, Jasmine Decarie, Director of Marketing & Business Development at Foley Hoag, wisely pointed out that law firms need to train mentors on mentoring.

Jasmine’s admonition brought me back to my official mentor in BigLaw. He was a kindly gray-haired gentleman in the trial department. Although all first-years were on General Assignment in those days, I wondered why I received a trial lawyer as a mentor, when I wanted to do corporate work. […]

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Is the Grass Really Greener at Another Law Firm?

2019-03-21T19:20:46+00:00By Debra L. Bruce, JD, PCC.|

According to Linda Katz, a legal recruiter with Pye Legal Group in Houston, law firms have resumed associate lateral hiring following the recession drought. “Lawyers with three to five years of experience are in the greatest demand, although not all practice areas have bounced back yet,” says Katz.

If you are dissatisfied with your current law firm, what kind of information should you gather about a prospective new employer besides the obvious issues of compensation and billable hour requirements? After brainstorming with Katz, I compiled some suggestions. […]

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Think You’re Underpaid? Get Real Before You Leap

2019-03-21T19:24:39+00:00By Debra L. Bruce, JD, PCC.|

An in-house lawyer (let’s call her Sara) contacted me about helping her design a business plan for starting up her own law firm. I commended Sara’s wisdom in creating a business plan before leaving her corporate job. Surprisingly few lawyers actually do that. She explained that she needed the business plan in order to get a bank to lend her operating capital. While I silently questioned how realistic her expectations were, I asked how much she intended to borrow. She said, “I only need enough to cover my living expenses for a couple of months. Just until the money starts coming in.” […]

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Leveraging Dictation Technology to Save Time and Overhead

2019-03-21T19:30:36+00:00By Debra L. Bruce, JD, PCC.|

Lawyers used to dictate drafts of correspondence and documents for their assistant to transcribe, in order to improve their efficiency over handwritten drafting. As word processing software became more user-friendly, however, lawyers began doing more and more of their own typing. Most found it easier to draft when they could immediately see and edit their work product. Today both solos and big firms save on overhead by using fewer, and sometimes less skilled, administrative assistants, which increases the need for lawyers to type more.

Some of those cost savings may be illusory, however. […]

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Should A Solo Buy Law Practice Management Software?

2019-03-21T20:06:29+00:00By Debra L. Bruce, JD, PCC.|

When a client calls unexpectedly about his matter, do you fumble to find the information you need, while the client wonders why you can’t answer the question? Do you have trouble sorting through all the appointments and deadlines on your calendar to identify the ones that relate to a particular case? Do you rely on your increasingly overloaded memory bank for conflict checks? Do you waste time locating old emails or pink message slips? Do you lose money because you can’t remember how much time you spent on a dozen different phone calls during the day? Do you ever wish you had access to something on your desk while out of the office? Have you lost hope of ever getting organized? […]

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What You Don’t Know CAN Hurt You

2019-03-21T20:09:07+00:00By Debra L. Bruce, JD, PCC.|

I have had my business and personal accounts at the same bank for 16 years, but for over a year, I have been thinking of changing banks. In fact, I would have already moved my accounts if it weren’t such a hassle to transfer all those automatic payments. I had the intention to find a better bank one day.

What does my bank account have to do with your law practice? […]

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3 Ways to Capitalize on a Referral Source Call

2019-02-10T23:15:57+00:00By Debra L. Bruce, JD, PCC.|

Lee Rosen recently blogged about 5 Ways to Mess Up a Referral Source Call. He was talking about how some people make contact with a potential referral source, then start selling themselves and virtually assure that they’ll never get any referrals from that contact.

I commend you to his post as an easy-to-digest reminder of 5 common blunders. They all boil down to being far more interested in getting your message out, than in listening to the other person and finding out how you can help them.

Now that you know what not to do, what can you do to make it more likely that the contact will actually turn into a referral source? That really boils down to 3 basic principles.

1. Find a way to help them with something.

This is the number one way to get more referrals. Studies show that when someone gives us a gift or does us a favor, we have an urge to respond in kind. So make an effort to send them a referral or at least make an introduction that they might benefit from. If you can’t do that right now, is there some information or a resource you can share? Maybe it’s a link to an article that provides an answer to a question or problem they mentioned.

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