The Best Law Firm Compensation Plans Use the Rule of Thirds

How do you design compensation plans that are good for your law firm and the new hire? Follow the wise counsel of the rule of thirds.This episode of Attorney at Work Today is brought to you by Answering Legal.Adapted from an article by Brooke Lively.Click here to read the full article, and head to Attorney at Work for more really good ideas.(00:00) - Intro (00:00) - Chapter 2 (00:41) - The Many Approaches to Law Firm Compensation (01:03) - The Rule of Thirds (01:28) - Breaking Down Your Attorneys By Revenue Groups (02:00) - Common Pitfalls of Traditional Compensation Models (02:23) - Designing a Compensation Plan That Works (02:58) - There's No Magic Formula Additional Resources:Black-Box Compensation vs. Percentage-Based, Variable Associate Compensation Plans5 Ways Your Law Firm Compensation Plan Is Failing YouBook Review: Everything You Need to Know About Modern Attorney Compensation PlansHow Are Law Firm Owners Paid? Total Compensation vs. SalaryLawyer Compensation: Taking Your Firm From Good to Great and Enhancing Firm Profitability