Law firms are changing the way they hire, evaluate, develop, promote and pay their associates, says consultant Larry Richard. Case in point: the accelerating interest among law firms in moving from the traditional lockstep to a more performance-based "levels" system of compensation. Richard notes that for a levels system to work, a firm needs both well-functioning infrastructure systems and a widely held perception that the systems are fair and accurate. He discusses the major organizational changes required.
The Issues in Moving From Law Firm Lockstep to 'Levels' Compensation
New York Law Journal
November 6, 2009