The Ideal Law Firm Compensation System

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1 Idel Lw Firm Compens System everyone hs herd hymn, lmost Grce": "Amz Grce! How sweet sound "Amz sved wretch like me! Tht Ws blind but now in Choctw: Trnslted Holib m! Shilombish minti pull ch, Ish ilbush pi h Htk Ish pi ws lost, but now m found, from Choctw bck English: Trnslted Holy Spirit[ My must come, Thou re suffer men. We us joy. Br exercise illustrtes difficulty ctul- communict strnge ides from people ly re lredy in greement, who see who differently, don't see problem t problems Hence introduc discussion bout ll. Here goes. Be ptient. compens. is 4 th prt trilogy. prts get cuse y discuss ctully do some- difficult bout problems rr thn simply point th m out. See, e.g., Unintended Consequences ( o flw Firm Mngement).1 Essence INTRODUCTION lmost every lrge lwyer libility cse, In hs en ble insert n element greed. plintiff true, personl motiv ws mde Wher issue in cse. cse ws dngerous n re ws mistke mistke ws cuse rgubly cuse lwyer ws will mde comers f money. Or, lwyer found himself cut hle mtter outside his specilty try hours were down so his compens might his f similr resons. generliz suffer, CLE courses f plintiff mlprctice must hve sec on cretive llegs lwyers smll cses, ssert such motives. While some re plintiffs s re fced. A suit ginst n rguble, resons f this re obvious. jury my mistke, but re less likely fgive excuse nd rules, decision delirte o close line if motivted by self gin. skte is one resons tht every loss pre- pressionl whom hve come in contct ven source motiv rgument tht turns mistke in n buse system, fidu- simple derelic, venl bonment ciry pression, thus mke it idels pressionls cre when y her bout common compens systems is very certin relted. Even if exggerted self-inter- closely does result in clim, it results in n est risk by prevent mk incresed difficult good loss preven prctices. wst system from loss preven point view is fmul system tht lloctes dollrs bsed on client igins, incom 2005 Volume 16 Issue Numr Peter J. Winders svs lon cses, dot com pplies cpte governnce scls. cses F see." personl gin, cuse, even in ccountnt f n err in rithmetic will copy from one Enron complints sec tlk bout yukplshki. consult business overshdow udirs. lieves tht compens system in lw is someth fered. system cn s tht plintiff's greed will rewrded. likely reson tht those sme loss preven- FORMULAS ARE THE WORST mtter igins, billed hours. cuse it ws prticulrly pritble, cuse Wht's wrong tht? Aren't those Peter J, Winders is shreholder Crln Fields in Tmp, Flid. Continued on pge 4

2 from pge 1 Compens, lw? Aren't those fcrs tht deter- lifeblood 's existence, let lone its success. It is fmu- f ide f determin individul compens tht cretes l problems. fmul is greed upon fee will credit- Suppose 33% lwyer who iginted client, 33% ed who iginted mtter, 33% lwyer lwyer essentil crete revenue. sts ths will, cn, rgued ffect All choices lwyers in tht, ssum y dy--dy finn Brown, Gry & Green, iginr In s client is Brown. ACME hs litig problem. ACME is litigr. Green is resonbly busy clients Green mtters he iginted himself. Every hour Green wks ACME rewrds him no thn 33% 66% on him n hour spent on his own cse, he is vlue "his own" clients, so long s he hs plenty fv do. ACME litig is gett priity. Brown stepchild ACME s tempted hd wk until he cn get it, if he expects is current project over soon, cuse he fers his hours" next month. tter fif "under were ssigned lwyer who is vilble, speed up wk gener regenue incres chnces tht lwyer will fully utilized. Prtner B hs client tht ech gives him $200,000 in business policy. B's interest is keep client, but wiver three times tter f out client. Prmer C tter f if he cn void committee ssignments, recruit is time consum duties tht nefit interviews cuse y do nefit him monetrily. He cn n he brs in money thn nybody, ign, s clim does, fct tht duties re essentil if fmul is thrive. Prtner D hs figured tht his sles bil- served by business develop- regrdless client qulity, only putt finn t ment, risk clims, but lso t greter odds writ f greter fees. Since D gets write-f flls disproptely on those do wk, Prtner E lieves tht if he comes ctive in one wk. industry gnizs tht some his clients long, will source future business it fir him right, gins try- i, but only if she cn chieve recogni eir mnge litig himself. Wk s n ficer chir con nittee. Tht now done on ACME litig, is supervised by cpte guy. but hs niche prctice servic Gry shopp center developers, mj principl clients. He is very hppy two he is iginr wker, cuse is credited 100% fees, is completely occu- Until economy slumps one client sps pied. goes bnkrupt. Gry now is des- exp f clients cuse his income will wise cut perte Europen currency futures investments securities, re his bckground. estte, thinks Gry's new client is snke oil slesmn, but Brown feel he cn sy nyth since it is Gry who is tk- doesn't risk it won't ffect Brown's shre. nobody is pid f mind sre. Everybody And course, tht re re dministrtive duties, grees, divide up ches, but system ssures y re y punished f every hour tken wy from billble ech system pretty much gurntees tht only wk, tht will mnged re crises. ths those who re interested in pritbility thn loss F fmul systems compens re coun- preven, re s well. Pretty clerly, fmul sys- terproductive put finncil interests individul memrs t tems yers, dur which E will fego income 3 efft is compensted until cuse results in n igin, so she looks f it tht will produce revenue ctivities is igned in fv individul's immedite Firm In ech se exmples, decision is driven by income. wst compens system llows t lest So tht decisions re bsed on greed, promotes inef- impression sloppy mngement, impedes prit. n ficient is solu? How cn re compens sys- wht tht both elimintes percep tht decisions re tem primrily cuse individul monetry consider- mde re two pproches problems creted re by wrong compens system. excerbted pproch: Estblish Rules. pproch does First uch compens system where such "mrket put some control on decisions. Mke rule tht cpte lwyer, cn dbble in litig. Brown, Brown is eticlly fbidden from hl Thus, but if he goes hed does it nywy, he is litig, f do so. Unwthy clients re voided, rewrded compens is pid f igint one. Crime does in but wher opertes t prit? Of course y mine Those re vitl concerns & bsolutely essentil re! yer, but finn tter f out client cuse its restrictive conflict do wk. Ech element is conscious fmul. re ity his st finncil interest is shre s n iginr out do tempted doesn't see this significnt time commitment f will tke [T]he compens system in lw s is someth fered. immeditely. mid term welfre compens fmul, in ech decision is t odds welfre finn s whole. two-thirds. He finds slv in person new in wn, by f lwyer help him set up his new business look mrket investments in 40% return. Gry sees this new sideline s gurnteed his compens problem, even though rel nswer t sme time promotes tter runn? s, THE PROBLEMS OF THE FORMULA SYSTEM COUNTERING "infmed self interest" ssure tht wst loss fces" decisions will ttempted, but estblishes rules preven odds pritbility welfre. Prtner A 4 THE PROFESSIONAL LAWYER

3 (it is non-billble, provided f in system) pid is tempt do it only spdiclly. It is like re sp impt drugs from Columbi by hop penlties mnn lw enfcement decres is decide wht is good f s n entity pproch model compens system rewrd wht is good rticle elbtes on second pproch. F system wk encourge effi- compens contribute complince loss preven ciency overll welfre, follow re prctices necessry: DECIDE WHAT YOUR FIRM IS ABOUT 1. clss ficer cidtes ws given A timed test on follow instrucs, prize f first complete per- test tkers were red ll fectly. ginn, n complete t fe re were couple hundred direc- speed. s st sy loudly, "I ths first rech instruc #78. m m s instructed in introduc, put your nme on n, sit bck wtch fun." pper don't skip this one, s it is most imptnt. Plese think this is n rticle tht you cn skim through don't up point two, but even if it is, this one is essentil. pick my hrd. If it requires culture chnge, fine. See Lw It generl prctice s. re re is prit. re re public interest s. re re gol whose gols include service pression, sig- s pro bono wk. re re s imptnt nificnt involv how y wk diverse, egli- gols s no mlprctice insurnce, tret mlprctice suits crry cost do business. Ors re risk verse s conservtive. extremely s will dopt list someth-f-everybody vlues, but ll memrs do hot in fct gree on ce those vlues. Tht is wht is needed. It is esy dopt compens is pid f igint one. web sites s sttements tht sound gret seen prphrses three Ten Commments (my twelve points Scout Lw) but hve no four wht we know sts f. Enron's resemblnce is hrder mke list vlues tht memrs It gree commit which, cuse mem- commitment, cn guide 's decisions. But rs' step in develop compens system tht is first destructive is decide upon ce vlues. If inherently th imptnt is mk money, devel- only volume wk, n dmit it tell everybody op lwyer who hs personl gol service concerned. pression my fit in tht, both lwyer re tter f if y re honest bout it end All prties will void wsted yers. Tht 's negotis. compens system is go differ- mngement from tht n different gols. Louis ent is {:mous f hispro bono wk, includ his mi- Breis f time he spent in those pro his mtters. If tht is true, () we cn bono tht his did shre pro conclude s ce vlue, (b) we cn t its bono only compens decisions, but ly, chmpion t lso decisions in res. Discussions bout chiev vlues. pplies only compens, but lso greed mngement style, pprovl budgets expenditures, bout expnsions, hir, mny ths. decisions gol is sme, disgreements bout how get When re less costly thn those tht gin debt re gin. mngement decisions come self-evident gol one choice will detrct from ce vlues cuse will enhnce m. A successful specilist who wnts choice continue lone wolf prctice independent 's poli- should n esy no, regrdless ttrctiveness cies income, cuse it run counter n imptnt vlue such s temwk. DECIDE TO REWARD WHAT ENHANCES THE FIRM'S CORE VALUES AND II. DISCOURAGE WHAT DETRACTS FROM THE FIRM'S CORE VALUES TO shouldn't hrd, cuse hs greed on vlues. If in Redd, Blck & White, ll gree ce service pression is imptnt, Redd, who does tht cuse shred ce vlue. If Blck does plesed, job it, he hs dvnced 's vlues. If he does good py, but one person is ppointed s cop keep him fct do it. And course since cop wk is under- from wht published code ethics ws inspirl. Tht is we re tlk bout. volunteers. unpid pproch: Chnge Motiv. Second f punish wht is. In tht wy, we my still hve del tempt, but tempt will do wht is right. PROPOSAL curie Breis Briefs in which he put individul cus in societl context. It is sid tht Breis reimbursed cse Unwthy clients re voided, but system sucked. compens hs greement on its ce Once from "nme in upper left, seril s upper right" such physicl numr in plce esi- vlues, ths cn fll instrucs," like. Of course lst follow ws, "Now tht you hve red ll fe gin- instruc gols decisions on resolv problems re intermedite productive if solus must consistent Firm Culture- Its Imptnce How Overcome It. join f its reput suppt, but who wnts s re fungible. Lrge s re like. Lw s re like. Boutique s re different from Smll s whose min sole trin, ed f ir pressionlism, etc. like service on Br committees is hppiest spend his time on billble wk, will only mind tht ll spends substntil time on service, he will Blck list pltitudes tht nobody violently disgrees, everybody is will give lip service. Most us hve THE PROFESSIONAL LAWYER 5

4 mediocre job, he shouldn't rewrded f it, t lest After ll, this is wht fim hs decided it is bout. much. s' ce vlues, course, will include ths re less susceptible rewrd thn penlty. F exm- tht it is hrd py somebody extr f good mnners. But, ple, one greed vlues finn is provide con- if respectful wk environment, it should genil, subtrct from someone's compens f ct hrd ASSURE THAT ALL MEMBERS OF THE FIRM SHARE COMMIIMENT TO Ill. CORE VALUES AND THE PRINCIPLE THAT ADVANCING THEM SHOULD BE THE hs estblished ce vlues, cuse new lwyers inter- in join cn ld tht if y do shre ested vlues, do buy in principle tht y re sig- prt compens, y should join. It my nificnt shr specific ce vlues presents sttus quo. But, if exist memrs unwill so commit, you hve idenre wher it djusts its compens filn. If memr cm ot ccept systems ce vlues group, tht is good know. Eventully, re will th if it is undersod tht such greement is imptnt. memrs will come round. greement memrs who do buy in ce vlues leve ttri reliz tht ir view wld through tter ccepted in n job. Outside lwyers who will vlues re ttrcted. Lwyers whose com- shre very serious point, most who hve en prt lot esi- mle tter, re er, fewer personnel problems t ll levels, re hve en much less wsted time, re en prit fun if Fred hd left ny times hve thretened over lst 10 yers he ws. he nonlwyer dministrr lrge Flid ws One write up hisry over 15 yers he sked prtner who joined in yer five. Don't llow tht. problem enfcement ce vlues, s mtter compens resulted in source problem deprt hvi. Everybody hve en tter f. COMMIT lo THE PRINCIPLE THAT THERE IS MORE THAN ONE PATH TO IV. ON THE PART OF AN INDIVIDUAL MEMBER OF THE FIRM SUCCESS sts f, it is wthwhile. lwyer who is wht skilled t solv legl problems but does possess very lwyer who gins dvnces ce vlues service f public good rights pressionlism. If this sounds like tem pproch A will much efficient, should. effective t chiev multiple gols much if it pproches its gols s tem, llow spe- pritble st use its memrs' bilities. Few ciliz succeed out division wk responsi- businesses tween sles fce, designers, produc, bilities cn just do wht y wnt. Tht is Everybody ide different pths success mens. f- wht system criticized bove is t lest simple do mth mul hope tht you mke enough money clen up prob- system tht rewrds ce vlues tht produce no lems. income (e.g., pro bono wk; immedite requires centrl control. mngement) tht hs public service s fct vlue does men cn ce 50 people fm nonprit public llow group tht finn hs under- interest Or tht it cn llow its Br politi- write. run mok, hlf its prtners cins hlf ir time in Br politics cuse vl- spend service pression. And ce vlues cn ues by mens thn ssign prtners projects. chieved re must blnce tht will enble memrs, ern income. Without substntil income prit, none gols cn chieved. Mngement fmul-driven finn is very hrd, it is just stress- inefficient since it will tend prt-time cri- ful driven. Mngement finn brod rnge ce sis will difficult, comprehensive, vlues businesslike. body hs see how everyth cn ger try mintin blnce necessry fit greed gols bsed on ce vlues. ccom- chieve produc superi legl product requires tem effective mngement is essentil see tht pproch, mngement must refe itself one Effective vlues, must properly recognized rewrded, ce only f full time mngers, but lso f service fu n by prctice group leders, menr, business intke, dminister such ths s pro bono progrm, different skills tht ttrct clients cn succeed in dvnc- ce vlue first-rte represent clients. reput f her dvncement civil prctice, it jerk reby dmg finn's chnces rel- like tht gol. iz mngement. Temwk itself might ce vlue. REWARDED hrd, but essentil. It comes much esier once is V. MANAGEMENT hrder get commitment from 100% exist memrs if substntil chnge in tified problem, tht is imptnt It is esy dopt list pltitudes tht nobody violently disgrees... should decide tht some funcs re Mngement efficiently perfmed by ly personnel outside con- most even though memr might enjoy do m. trcrs, tht mk liv is immteril Assum dversely ffected f detrct from welfre pens is will eir chnge decide y do fit. is lw governnce will k ow tht it ws 90% sries bout hd served, when finished it diverse gols in res such s service plishment service public, commitment diversity pression, wise, probbly hve crected problem ll posis re covered. course ssumes tht re is thn one ce chieve. It n follows from vlue tht requires wk ide tht dvnc ce vlues should rewrded. If it is like. 6 THE PROFESSIONAL LAWYER

5 sttistics such s hours recded bills re esy ssemble. Infm such s contri- collecs mngement re subjective, hrder col- bu system systems must devised collect lect. Lwyers my sked descri ir ctivities ltter. 's gols, s ir deprtment heds wrd prctice group leders, y grded on pro- undertken by, such s mngement ssign- jects hed prctice group leder, infm, deprtment positive negtive, should requested from dmin- both humn resources, mngement. If it is imp- istr, vlue lwyer's overll contribu gniz- tnt it is wth extr efft collect infm., rgument tht mngement procedure is esy Bewre much infm must evluted subjec- Since re must some consistency imposed on vlu tively, subjective contribus. hed Willims is n enthusis- Deprtment cheerleder f ll his lwyers evl tic m ll s superi, no mtter wht. utes In some s, mng dinry. president interviews every prtner evlurs cn leveled. evlu ll memrs sle person will help ddress universl issue by "esy grder/ugh grder" tht burdens ll subjective elements. vlu hs given vrious problems Consider compens system, refine- dministr wk. Sett income ownership dvnce, f exmple, will encourge lwyers mx- in opptunities ir prtners. If Jones knows in imize tht he will receive 1% prits f dvnce yer, n he should do s much s he cn mximize in system where he gets percentge, he will time, pss wk one who hs time encourged will do tter, so will he. 4 Similrly, it might hve bonus pool rewrd excepl service, wise provide mens penliz nyone who detrcted from ELIMINATE THE FORMULA my hrd, but it my e'sier thn you think. credits, t lest s y re treted in some s Origin esily most destructive spect lw compens- re Origin business is vitl. fmulic rewrd. is hrd py somebody extr [I]t good mnners. f it is hrmful. Unwthy clients re mj loss preven- f problem. Origin credits rewrd intke n client, t lest until ro flls in. is unwthy pritble if unwthy client is screened out. re different sts igin. clients re ttrcted re reput, contct retired prt- by lwyer whom switchbd finds gets igin ner. in some s. Business development should credit lwyer who hs spent yers t 's request posi- herself in n gniz tht will enhnce 's clients in desirble industry. igin exposure system some s will rewrd wrong lwyer. credit EfIbrt t 's direc should rewrded sep-. from rewrd result. Luck should long rtely A choice tween clients in conflict situ should. depend on personlity involved but on long-term lwyers. nefit person who logs most Similrly, hours, ll genuine, ll high qulity billble pid t expected rte is n sset. spend ll her time on billble wk But tht lwyers must hle mens responsibilities, recruit, wk f menr runn. All se funcs re pression, sl one out f tbrmulic rewrd is nei- essentil, filled pid. recurr reference s tem is mle th. fmul, prticulr- motivl cuse igin credits, encourges competi- ly internl, rivlry s who cn ern greter shre 's revenues. mnipulte in tht system cn no greter thn sum its But if gnizes, mnges itself opertes prts. r expense bsis, but gett rewrd, s ject long term pro- nesslike gniz, dvntges tht brs. X. EDUCATION AND THE PROBLEMS OF PERCEPTION is extremely imptnt. will hve Educ hours wked, my clients mtters recds fct tht numrs exist llows m produced. on n imptnce tht might excessive in tke intends rewrd ll contribus. tht cn prevent tht. is n imptnt mnge- Educ VI. INFORMATION but igin credits do distuish tween rewrded, business development effts tril lwyer who hp- ments. sme quess should sked lwyer's pened wk lte when invenr ntigrvi- mchine knocked on window cuse he hd herd ty 's ptent deprtment (none whom were present), does lso promote ccurcy firness. dminister if it Business built on 's reput should long VII. LEVELING hed Jckson will only give Deprtment credit if lwyer hs tken chrge prise project invented someth extr- memr t lest yerly, so tht differences in posis must r fir n good business. On ny tem, ll just VIII. ADMiNiSTRATiON ments tht will mke it s tem, identify pursu specific gols on tem income s whole. If in fmul he tempted hd wk f n nticipted down whole will successf d, pritble. will hve from group individul prctiers busi- evolved gols by inpproprite conduct. IX. ment func. It will tke repeti explin chron- ic hder wk tht his income will increse if insted he THE PROFESSIONAL LAWYER 7

6 s. He will eventully get it, but he hs ssigns proved sht-sighted, it will tke efft. lredy XI. DOES THIS WORK IN REAL LIFE sure it does. Everybody cn see how this wks t m smll group level. Angus is extrdinry t develop loves it. Herefd is lwyer's lwyer who business vlue every dds he dvises on he is ble cse thn most. Snt Gtrudis hs en sked supervise on Br's bd governs, judicil nomserve committee, finn lieves he should ccept int Ech is successful t wht he does, se represent both. shred ce vlues. y will hve no problem on compens. Ech recognizes tht out gree y get h done, insted wth- s, wk tht y do while tem serv vriety greed s vlues. problem is in fir dministr hundreds over lwyers. It will hrd wk. But prtner-level is it hrd so ll principles here, but know exctly some tht follow severl, mny most. ech principle implemented, And is n improvement in stisfc re "billble credit," which is good, but merely fmul rr thn elimint it; some subjec- djusts ide tht y will compensted development, on success, but ir tests tht s re. sme is very good exmple identify seprtely contribus deemed in st interest vlu res strength. ir dopts s One "rticle fith" tht no recds n compens elements. know t lest two disruptive fmuls in which fct tht individul prt- s "igin" numrs entitled m very lrge ners when y incomes, do little no wk, cused were finn. brekup s now hve full Severl mngement posis, time where lwyers hold m hve no :.i.: billble budget.: compensted f re contribus lone. mngement itself might ce vlue, my mng prtner CEO it Tomw/r generl counsel n func- my compens system 1,d sfer. Ors provide reduced expect ssigned view mn- pens secret, compens is individul comkeep by one two per- set who set compens bsed on overll contribu. sons, lrge, prtners By quite stisfied sys- re Since compens is secret, I hve tem. clue no fmul does wher does ply ny prt in set- compens, but, since it is secret, it doesn't t mt- If finn memrs don't know process, y cn't try ter. tempted hd wk dbble in wrong field policy. despite effect is chieved s if sme m, but lso infm m tht re is prtners mj subjective djustment, includ negtive djust- element f ths tht do reflect well ment finn, filure on follow policies, etc. Convinc memrs tht numrs re given undue weight remins n educ memrs refuse lieve tht subjective func. previl, but y do previl in those s. fcrs increses Stisfc educ efft emphsiz s subjective element compens hs incresed. s hve mng prtner Severl n interview ll prtners t lest leder yer on mtters once concern, includ compens issues, purpose one insure n opptunity hve fir consider ths tht re lieved relevnt overll contribu- ll, n provide level func. Severl finns specificlly rewrd mngement effts. 8 THE PROFESSIONAL LAWYER tsks. Vlus f gement full time jobs vry from negotited, depen- se upon wht compens dent fe mngement ws ws undertken, subjective vlu qulity job full time mnger lieves tht it hs nefited employed from hv substntilly one. infm is ll hve fer in this piece. Anecdotl wre no polls surveys in this re. It is esy m some tht useful. "Q. Does imgine your compens system hve 's substntil subjective could truthfully nswered yes in element?" wide vri- situs f exmple, complint bout inven- ety prtner on client igin fm; tiveness where controll prtner fixes compens situ he cn. It interest, however, cuse sk mj s how y del in systemticlly mtters prtners who crete problems mle, hisric iginrs who tend "rest ir lurels," on powerful income producers who po mn- re But n, ll you hve necgers. doubt y differ nmch from se. CONCLUSION red this will hve rected, "Wht bout my credits?" Ors will hve thought, "Well, igin we cn hve igin credits decrese my cer- over numr yers." know this is difficult, but you don't tin fmul pproch by chng fmul. bon but significntly, tively, good businesses do. s s ssign ce.rtin persons tsks such client s. A tem is mde up different persons perfm in three kept "igins." is big del by itself, s re igin credit" is "client most pervsive one fmul its fllout. liv nme lrge tht follows cn billble wk in secure gniz.5 lest two mj s pledge At perfmnce. Every finn tht hve encountered tht hs mnipulte it. If y think y re firly pid, y will were tlly subjective but fir. compens s keeps trck " numrs" infm compens- dotes. rgument tht "we hve never done it this wy fe" is

7 n extremely imptnt prt. it requires gret del trust, but f group Yes, gols shred ce vlues (see bove) trust cn common confidently expected. re is exgger in preced prgrph. Actully, by mk bsed on wher y re in ccd those ce decisions Even tht step will lmost necessrily ffect f- vlues. compens f tter cuse lmost necessrily mul element subjective vlu will intrude. If service community is vlue, will mke n excep fmul f lwyer who encourged tke recognizes need f full time mng lwyer, will hve negotite vlue f mngement. system it cn evolve. But eventully, s ech points bove is ADDENDUM me n illustr. Holy it Give ddendum reflects rec those sked drft. How it wk? review fego is eticl. Prcticl pplic need precise, will depend on wht ce vlues re. this is sugges, hypoticl pplic, test- So in need refinement. It ssumes hypoticl ed, 100 owners cuse tht is n even numr, tht follow ce vlues, however stted, ssumes no prticulr der, hve en dopted re sincerely Reput f dedic pressionlism ethics f dedic first clss legl prod- Reput f congenil plce wk f Reput owners employees both f led in service Reput pression f led in service Reput public Reput f dedic ctive mngement good s tem; s one ; 's interest Oper provide legl services relted services, rr thn To engge in entrepreneuril ctivities WITH THOSE CORE VALUES IN MIND, ADOPT THE FOLLOWING MAN- A. POLICIES AS BEARING ON THE COMPENSATION OF THE AGEIVlENT Every lwyer is expected devote full time 1., full time X hours. Assume X business ssures tht everybody grees tht everybody hs You my get extr f perfmnce, but re is no wk. billble budget, but defini full time on business. It should lso bonus encourg tter timekeep on chieve tht needs keep trck. Pro bono time ths re needed f vrious br rept lso f recds infm bout ce vlue. Time spent on con- trck choice tween clients in conflict situ- 2. All non-billble ctivities f A should depend on personlity nefit, recognized s business, must hve pprovl. conven Hrry... Potter Hobbyists Associ Mn Experience won't count Mountin cuse, who knows, you might run in potentil just non-billble wk f must pproved by client; decision mker [prctice group leder, president, designted committee, business development committee] mngement uthized by through similr deci- must mker. It my brillint mngement hve one sion it will tke three qurters his time f yer. It though extremely wise ssign most suited person my virtully full time identify investigt spend new business from exist business contcts. It potentil vitl legl wk hs done, strik bl- But requires mngement. nce one clss clients n, those re n mde by decisions, will eliminte problem good client f one this who gives him hlf his business, but who conflicts prtner client igin credits. Likewise, ste firly well rgument but sttistic. is intended s list n but s different pproch mngement pointers,, which compens is LAWYERS: will in fct prit enmously from identify dopt ce vlues sincerely held by ll, is fixed t rest on lurels. Note tht this is president Chmr Commerce. Or if time cov- flict resolu might suggest tht efficient ddil prctice will sfer productive, ll systems will operte in id spirs. 's lwyers involved wk? must in list. pre-uthized mount time spent on non-billble ctivities 3. in held by : tke dvntge n opptunity serve s presi- lwyer prestigious nl chrity consistent dent even highest strds public service vlue br prestige uct my lso foolish let everybody in prctice re do tht leve nobody do legl wk f six months. Us tlent f wht needs done is good mngement. Client development is business. 4. re is reson choose tween one client When principles diversity Dedic designted decision mker. Hopefully, imptnt thn individul interest similr out twice business from s in operte pritbly, operte in businesslike mn- To provide good income f memrs, compen- ner, problems tht ttch THE PROFESSIONAL LAWYER 9

8 might recognized tht ledership posi in prtic- it industry group will both develop desirble business ulr service public, but tht it will tke minimum yers significnt expenditure time f n indi- three chieve such posi. hv pproved vidul endev, fi 'm should py lwyer f efft, tkes risk project fil, but lso long. rewrds re is thn one wy chieve success t 5.. successful tril lwyer, successful trns- this lwyer, successful developer business my c pid sme. One does need "uch ll but my chieve success by fill vriety bses", fir. needs COLLECT DATA WITH REGARD TO CONTRIBUTIONS OR PROBLEMS OF B. OWNER REGARDING EACH CORE VALUE. EACH secret, but probbly most efficient collect it is provide fm wy ech lwyer put infm hve f reviewers. "Wht effts ger business development on hlf wrd re you involved in, how is your progress, wht successes pln hve you chieved?" milesnes serv s should considered is exposure, necessrily bd wht If finn hs suffered loss cuse Jckson's results. contribus. If person ssigned s hed negtive committee hs perfmed dmirbly, vlue diversity consequence. WITH THOSE MANAGEMENT POLICIES IN MIND, COMPENSATION WILL C. DETERMINED, [IN ADVANCE, AS PERCENTAGE POINTS AND APPLIED TO BE OF ASSUMED PROFIT FOR NEXT YEAR] WITHIN THE FOLLOWING 90% s bse bse slry drw ssum full time 50% t budget. [50% is mgic. 60% wk.] employment qulity perfmnce t ssigned duties dvnc- 25% interests. [To provide negtive ffect, you strt t n ssumed dequte perfmnce 12.5%, could evlute up down.] extrdinry perfmnce provides f 25% contribur. [Here gin, this mount could superstr dded previous ctegy] reduced 100 prtners, 1000 points. Assume points will ssigned mong those 100 prtners 500 on hisric mtters, recognized posis in bsed experience, etc. 500 points so divided my, from 2 points most juni prtner 7 points rnge f lrgest hisricl contribur. [An ltern- f gett progrm strted tke lst yer's com- tive ssume it is fir, determine how much ws pens, rrive t bse, trnslte in points.] extrdinry, points re now ssigned f extrdinry perf- 250 in ssigned tsks. If hed menr mnce wk envirol rnent, firness, diversity, genil n entity, his tl points should increse. If he hs s first 500 points. Similrly, chir development, who hs chieved business sme is done lwyer whose legl wk hs enhnced qulity reput f excellence who hs fim 's ble success. re is room chieved s well f full time mnger finn mnhere prtner president who hs only filled g prot tble oper. re is lso room runn, detrct from problem prtner's compens. here points re now ssigned f specil successes se 250 repeted, so cn compensted f d my but deserve recogni. three yers infinitum, A hs en wk dvnce in construc- Prtner under first two ctegies f lst three by But this yer efft hs pid f. Under this yers. business over lst three yers, he ships ssigned it, pid him f efft, ws s whole is entitled rewrd. But might specilly rewrd successful efft s well. successes will rewrd Prtner A under first Repeted ctegies in future. two yer's estimted prit by % next it mterilizes) will eir increse vlue (ssum bonuses, in dvnce, but f extrdinry specil perfmnce in yer. Or, it might mteri- results might tter used prepy expenses, etc., t lize, govern bd. discre progrm hs turned it in model f pression hs thus dvnced 's ce vlues relt con- esy collect. Hours re recded nywy, filled posi chir co rcrnittee, but merely h, he gets little h from this done dt is re esy trck. Everybody knows who is hours in Or stuff is group. Tht hs en pid f by py f his prctice group leder deprtment hed. improvement qulity significnt client bse, is rewrded f tht perf- memrs don't know process, If cn't try mnipulte it. y mnce by ddil points from this level. dt must collected on negtive contribu- Similrly, Hs sloppy lwyer endngered finn? Note tht s. posi but hs excelled t it hs chieved smo missed dedlines, but tht is cuse luck good frequent wk, exposure must considered f- crective cuse bullets were dodged. ce vlues given few posis f positive contribus, but plenty f hve en enhnced. But person whose ttitude hv- hs hs mde wk on 6 th flo uncomftble f i industry gniz he joined finn pprovl is he hs en pid f s prt his ssignments someth hs subtrcted from ce vlues negtive con- women must hve tribu system, he did tke his own time develop rel- GUIBELINES, EVALUATED ON A ROLLING [3? 57] YEAR BASIS. in this context mens revenues less expenses Prit, owner's compens. thn vlue point is determined by divid 90% point, could used f specil purposes, includ 10 THE PROFESSIONAL LAWYER

9 is outline. Of course re must refinement. Tht exmple, re is h inconsistent us F criteri insted clssify lwyers in "ctegies" bove "py grdes" f s who use such systems. But plese follow: e is n efft decrese shre rin- outst perfmers. mkers f igin credit s prt fmul is ntipthy fir dministr cretes discd. Prtner precludes who is extremely tlented in develop business, will B, recognized f do so will mke no less thn pri system ssum continues under system such s this should do is reduce fric in Wht mke it efficient, pritble, "I brought Acme Industries when y sfer. do h but mnufctur instnt holes jet were shoes f sle coyote powered Now y hve comer on mrket. will crry it igin- "[W]e hve never done it this wy fe" st" credit, subtrct from funds is n rgument but sttistic. needs py lwyers who do business, who re underst if wk is exp vitl is sty. Addil business devel- client continued development Acme wk is opment, vlue is concurrently recognized. ce vlues, divided tween levels look like mth, but y re relly Fmuls cuse people tend "ply fmul" by mnip- exct input. "I pproved this undesirble client 1. ult Joe needed develop some business" is chr- cuse reson bd decision is mde, while, "I iginted itble client, but m giv him seni ssocite devel- 2. this hle" is unchritble wy tht difficult clients op foisted on unsuspect. re is no bonus under re system proposed f tk n undesirble client, fct subjective lloc points lso llows f in subtrct m f such negtive contribus s is point. re should disincentives f bd Tht decisions. A rewrd should lst no longer thn it is unwise should mnged s, 4. deserved. llowed develop, consolidte divide s result rewrd lwyers f service thn per- legl wk develop business. Mngement fm lrge lw is essentil, simply in fm time CEO, but lso t prctice group level cerfull funcs. But this system does give prctice tin leder "free ride" by llow him meet his bud- group but tht is only 50% compens. rest is deter- sry, qulittively by evlut how well he hs done tht mined s well s s. prctice group leder who hs job executed pln br prctice group developed fefront s recognized "go " source f sophis- in clients gets high mrks, while one who goes through ticted prctice 100-person hs hrder job thn one 15 memrs, group will ffect consider. But person sddled tht mngement job he dislikes is stuck. re re pths success he my well different tht his contribu is greter hl client busi- decide lev mngement duties n. ness hed diversity committee my elect, Similrly, pprovl, spend time f couple yers implement educt bout sys- cret, procedures ssure integr minity tems in provide erly lerts f possi- memrs diversity problems. It is simply hold- ble posi tht she is pid f, it is But perfect. re wful. A system bsed on fe- some principles should () remove impedi- go good mngement, (b) remove ments client bse, (c) remove impediments 's firness long term plnn, (d) remove impedi- good loss preven prctices, (e) ssure cohesive- ments cuse greed ce vlues, (t) flexible ness ddress needs s different vlues. It enough tke good mngement mn it. will Firm Mngement), Vol. 14, No. 3 T PROFESSIONAL Lw (2003). LAW : R fir, re re systems tht cn imposed enfce To prticulrly where re is gtekeep opptunity. policy, new business intke system requir pprovi unin- A persons is n exmple. It is still tter if this is in ddi- volved Overcome It, 2004 SYMPOSIUM ISSUE OF THE PROFESSIONAL (2004). LAWYER 1% hs en derived by process tht my my fmul but since compens is set s shre involve hve permission nme s whose Generl do Loss Preven Prtners hve spoken, Counsel converss did know ws go try lter se infm bout experience vrious synsize compens in n rticle like this, nei- pproches did those tlked. r neces- sry do job, thus recognizes tht job is mos does. leder refusl recognize client igin s vitl prt success, but recogni tht over time it s successful. good job t it. do compens system is No high tech businesses don't even under- impediments incres qulity is very subjective, but subjective in limits contribu success. Endes Winders, Unintended Consequences ( Essence Peter J. lign interests individuls good loss rr thn insted do so. preven, J. Winders, Lw Firm Culture- Its Imptnce How Peter 3. se. rom decisions self-interest. individul tends vilble distribu, self interest co-extensive welfre. A system such s this is flexible, in tht it provides method 5. infm cme from sources who did wnt some prticuir identified publicly. Besides, most get by logg mngement hours. It credits hours neces- THE PROFESSIONAL LAWYER 11

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