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...
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