Reconstruction Of Law Partner Compensation Model

Law partner compensation system development is the kernel of law firm management.Compensation system steers the operational strategy of enterprise as it could be encouraging to scale development,or to professional,specified development.The compensation system determines what kind of partners would be attracted and survive here.Law partner compensation system currently consists of commission-based plan,improved commission-based plan,or lockstep plan.According to author’s research,the commission-based plan has been adopted by most firms;however,more and more top law firms nowadays are inclined to the improved commission-based or lockstep compensation.Meanwhile,the author discovers that the law firms in sheer commission-base plan are restricted in their development.It’s of significant and practical meaning to develop a compensation system beneficial to future of law firm.The article compares several national law firms horizontally,which are either of great size or high revenue,in terms of number of people,revenue,compensation system,and analyze the restriction of compensation system on law firm development;further,reconstructs the compensation system.The article consists of seven chapters.In the first chapter--Introduction,the author introduces the background,main issues and meaning of this research.The second chapter--Foundation and Citation,presents related concepts and theories of Management,and analyzes the status quo of domestic compensation system.The third chapter--Overview of Law Firm and Compensation System,brings in overview of law firms and analyzes the three current plans of compensation system.The fourth chapter illustrates the meaning of law partner compensation reconstruction.Two typical compensation systems in law firm would be sampled to examine and analyze their pros and cons.The author by this further optimizes the compensation system established in the article.The fifth chapter--Reconstruction of Compensation System for Law Partners,aims at establishing a complete compensation system,taking the developing strategy,maintenance,and other related elements into account.The sixth chapter is Applicability of Reconstructed Compensation System.With no system being omnipotent and perfect,any system,including the established one hereof,is only designed under specific background and enterprise strategy.The limitation of the established compensation model is detailed in this chapter.The seventh chapter is conclusion.