Reaping Rewards: Establishing Standards for Law Firm Bonus Programs

Published March/April 2008, Legal ManagementThis article is in PDF format. Here is a sample:

Compensation is a common area of focus in law firms of all sizes. For partners, it’s a matter of how year-end financial results affect their direct payouts in a small firm, or the decisions of the compensation committee in a large firm. For associates, and as well for bonus-eligible staff, the focus is somewhat different, and often centers on one question: “How big will my bonus be?” And that can create definite problems. The real question should be, “Do I deserve to get a bonus?” If that question isn’t being asked, the firm’s leadership should evaluate how it approaches the whole concept of bonuses.