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The Argument for Eliminating Lock-Step Partner Compensation

The Argument for Eliminating Lock-Step Partner Compensation Eliminate Lock-Step Model and Reward Performance, Not Time Served Beginning at the end of 1999, law firms began accelerating the rate at which they increased associate compensation. This trend literally moved at “Internet speed:” within three months, associates nationwide were deemed to be worth substantially more than they had been when hired, sometimes only a few months earlier. + read more

Law firms and Their Future in the Changing Legal Industry

Law firms and Their Future in the Changing Legal Industry When considering and, specifically, the nature of marketing legal services in the future, the best guide is empirical data of two kinds: (1) law-specific data combined with (2) information from the mature unregulated service professions. + read more

Is Your Pay Structure Causing a Partner Exodus?

Is Your Pay Structure Causing a Partner Exodus? Were most of your partners satisfied when the firm allocated remaining profits last year? + read more

How to Recruit Great Lateral Attorneys

How to Recruit Great Lateral Attorneys Many of the practices that lead to successful lateral hiring are basic common sense. In many instances, however, BCG Attorney Search has found firms mistakenly adhering to a number of practices that seriously undermine the success of their lateral hires. These include: + read more

How to Market Your Law Firm to Potential Lateral Hires

Marketing is now part and parcel of what it means to be successful with lateral recruitment, especially in a marketplace where the most coveted prospects want to know why they should join your law firm and not the one down the street. Consequently, it's up to you to devise ways to communicate your firm's uniqueness. In order to effectively market your firm, you must first develop a plan to: + read more

How to Make Sure That Your Laterals Provide Value to the Firm

Most law firms have taken on a lateral who didn't produce as expected because something fell through the cracks during due diligence: + read more

How to Keep and Attract the Best and Brightest Talent

Take steps now to be a victor in the ongoing war for legal talent. + read more

How to Integrate New Lateral Hires in Your Firm

These days most law firms are constantly on the lookout for groups of laterals in key practice areas. While there's no denying that a lateral strategy can work for the bottom line, law firm leaders will attest that it has its pitfalls. + read more

How to Identify Lateral Attorneys Capable of Becoming Good Partners

Today, most lateral associates enter their new firms with the understanding that the position is actually an opportunity to audition for the role of partner. In the best-case scenario, at the end of the experience, firms are able to identify those with the skills needed to enhance firm profits and advance in a reasonable amount of time. In BCG Attorney Search's estimation, it's always prudent for law firm leaders re-evaluate the traits their individual organizations find desirable—particularly since such characteristics are apt to change along with the firm's needs. Developing an informal list and then checking potential lateral hires against it can help firms avoid serious financial implications caused when a once-promising prospect later turns out to be a "bad fit." + read more

How to Get Great Results from Your Legal Recruiter

The stakes-time, money, or firm wide resources-are always high when you embark on a search for a lateral hire. And these costs often have nothing to do with due diligence or questions of fit and synergy. Instead, it's a matter of sheer economics. Because some headhunters' fees now run in the six-figure range, managing such relationships on the front-end can be crucial. + read more

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