Firms May Need To Overhaul Partner Pay To Survive

Law360, New York (April 14, 2009, 12:00 AM EDT) -- Law firms that have already trimmed nonessential costs but still need to cut spending should seriously re-evaluate their partner compensation structures in order to weather the economic downturn, according to legal consultants.

Firm compensation committees must take a hard look at their pay programs to determine whether they are making good compensation decisions, according to a report by Altman Weil Inc. on decreasing the risks associated with altering the “compensation status quo,” which was released in early April.

In an economic downturn, it is especially important...
To view the full article, register now.