Compensating the Unique Practice Partner

Compensating the Unique Partner

How do you compensate the partner who has a unique practice within a law firm?  First you must determine when a unique practice exists.  The situation arises when a partner develops a practice that is outside of the firm’s core services and/or clients.  It is likely to be:

  • Self supporting: of sufficient scale to be a standalone operation,
  • Independent: in that it is not dependent on the rest of the firm for the clients and work; although resources of the firm may support it to some extent,
  • Interesting: at least for the partner who developed it, and 
  • Sustainable: economically viable over many years and in varying economic conditions.

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