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Trends in Practice

  • Moving away from a billable hour based system and focusing on client needs
  • Current models based of the lock-step approach.
  • Cravath Scale
  • All models were affected by the 2008 recession.

Points to Consider

Current Models Used in Law Firms

  • Economy
  • Geography
  • Market Competition

- Equal Partnership

- Lock Step

- Modified Hale and Dorr

- Simple Unit

- 50/50 Subjective/Objective

- Team Building

- "Eat What You Kill"

Roadmap

  • 7 Current Models used in Law Firms
  • Current Trends used in Associate Compensation
  • Future Trends of Associate Compensation

Current Trends

Future Trends

Trends in Practice (cont.)

  • Firms in major cities are still using the Cravath Scale to remain competitive.
  • Firms continue to divide compensation in two categories:
  • Salary
  • Bonuses
  • Morgan Lewis & Bockius, LLP example

Future of Associate Compensation

My Opinion of Future of Associate Compensation

  • Firms are trying to find a way to stop using the Cravath scale
  • Want to use more internal factors
  • Might finally lead to an increase in associate salaries
  • However, firms must view client wishes
  • A blend between traditional Lock-Step and modified Hale and Dorr models
  • Will provide additional criteria to assess associate performance.
  • This model is more client focused.
  • Firms might gain more business

Questions?

2013 BTI Consulting Group

Thank You!

Trends in Law Firm Compensation

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