If you always do what you have always done….

If you always do what you have always done.... It is all too tempting for law firms to try to continue with historic and outdated strategies, relying on past successes for future prosperity.  The problem is that traditional strategies, business recipes and  working methods are no guarantee of future success especially in difficult and competitive times.  My September 2010 newsletter tackles the inperatives for deliberate strategic planning and sets out a process to follow.  Click the link to read or download Nick's September 2010 Newsletter
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Halsbury's Law Exchange

Halsbury's Law Exchange I am honoured to be appointed as a member of the Board of Halsbury's Law Exchange which has just been launched by LexisNexis. Halsbury’s Law Exchange is an independent and politically neutral think tank which contributes to the development of law and the legal sector. It aims to communicate ideas on reform or legal direction to decision makers and the legal sector and promote debate through papers, reports, events and media pieces. The website points out that although law constitutes the fabric of our society in the UK and reflects our norms, the principles that unde...
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Podcast

Many thanks to Charon QC for interviewing me on podcast today.  It was fun and very stimulating.  Here is the link to the podcast The very impressive Law Business Review (Published by LexisNexis) is also out and contains a long article by me on Law Firm Positioning.  Here is a link to that article . Both the podcast and the article puts the case for law firms to do something proactive now, rather than waiting around, being negative and reactive.  We all know how difficult times are, and I dont seek to minimise the problems firms are facing, but law firm leaders need in a couple of years time...
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Variations and Hybrids of Lockstep

Variations and Hybrids of Lockstep My analysis of Partner Compensation and Profit Sharing today takes a look at the many variations to the lockstep system operating around the world. Very few firms have retained pure lockstep for their partner remuneration and more radical and innovative solutions have also made their way into the structures of many firms.    In the United Kingdom and in Europe, two thirds of firms now report[1] that they have some form of lockstep.  Only 13% of firms surveyed regarded themselves as pure lockstep, whereas 30% described their lockstep as modified by performan...
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How Lockstep Works

How Lockstep Works In the UK, Europe and Australia, 50% to 70% of partner remuneration[1] is still largely based to some extent on a lockstep system but the use of pure unadjusted lockstep continues to fall steadily in these jurisdictions.  Instead, hybrid forms of lockstep are slowly growing in which performance related adjustments of some kind are made based on qualitative criteria. Few firms in North America have ever used lockstep and most who have used the system have now abandoned it.  Partners in North America seem more willing to place their compensation in the judgement of others wh...
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The Trend towards Performance Related Profit Sharing in law firms

The Trend towards Performance Related Profit Sharing in law firms In recent years there has been a marked shift in law firms toward performance related partner remuneration.  There seem to be at least four factors at play.  First, It has been broadly felt that a performance related system helps to incentivise partners or that secondly it perhaps in some way helps the firm gain better star quality.   Third, firms have also been trying to align how they value partners and how they pay them.  Finally, I have discerned that law firms have been more and more looking at other sectors of the corpora...
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Why law firms are re-examining profit sharing structures

Why law firms are re-examining profit sharing structures A number of influencing conditions or factors in the market place are persuading firms to abandon their previous more egalitarian model of equal profit sharing and to move towards a structure which has at least some performance or merit element.   The first influencing factor is that firms can no longer rely on a captive set of loyal clients and referrers who can be counted on to provide them with work on a consistent and enduring basis.  Clients have become more sophisticated and ready to move their work to firms which can provide them...
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Work in Progress – Guide to Partner Performance, Compensation and Rewards in Law Firms

Work in Progress - Guide to Partner Performance, Compensation and Rewards in Law Firms Introduction My book on profit sharing is not intended to be of great length nor does it aim to be an academic exploration of concepts.  Instead, it sets out to be a practical guide to assist partners - at every level within law firms and not just the firm’s leadership group – to get to grips with how to improve profit sharing methods and systems in law firms. The subjects of partner profit sharing and compensation, as well as partner performance and progression are of world-wide interest to every law fir...
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