Law Firm Articles

Subjective Law Firm Compensation Systems, Marketing and Origination

With the increasing intensity of competition in the legal market, rewarding and providing incentives for marketing, client retention and business development has become more and more important to law firms.  Law firm compensation systems are a major tool to stimulate individuals to act in the best interests of the firm and to help the law firm better adapt to its external environment.  An ineffective compensation system is likely to reduce profits at a minimum and can even destabilize or help destroy a firm.  In the 21st Century, failure to consider business development is likely to reduce the effectiveness of a law firm’s compensation system and may even lead to more serious damage.

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