The Cotterman on Compensation blog, authored by Altman Weil’s Jim Cotterman, focuses on lawyer compensation and law firm finance. For 20 years, Jim Cotterman has advised law firms on compensation system design, capital structure and other economic issues. He is the lead author of the definitive book on law firm compensation, ABA’s Compensation Plans for Law Firms.
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About now most firms should have finished their compensation deliberations and possibly their communication efforts. Assuming no Spring surprises, there should be a lull before the next round kicks off. But before you set your compensation committee free, we recommend one more request on their...
The common wisdom is that defined benefit (DB) plans have largely been replaced by defined contribution (DC) plans such as the 401(k). While generally true, DB plans are still being adopted. According to the GAO’s March 2011 Private Pensions report, “most new DB plans were started by highly paid,...
Much has been written pro and con regarding cost reduction strategies. One of the more contested approaches is outsourcing, particularly the more aggressive off-shoring. This is the movement of tasks and often jobs from internal positions to somewhere else. That somewhere else can be a lower...
I was asked recently about lateral hires and compensation practices. My response, which goes beyond compensation, follows. If the firms don’t do these other things well it matters very little about the compensation. And even if the compensation is well done, the other things here are critically...
Understanding how to use sampling as an efficient technique to draw conclusions about a large population of data is an important research tool. It also has application to e-discovery as discussed in three blog posts by Doug Austin. The first, sets out a framework for a defensible search process. ...
Law firms have an increased interest in understanding internal rates as AFAs (alternative fee arrangements) take hold with clients. Understanding costs at a firm level is easy once you sort through the differences between cash and accrual accounting. The hard part is allocating costs to various...
Today’s PinHawk Law Technology Daily Digest had an intersting item regarding recently proposed legislation in North Carolina. A bill, Allow Nonattorney Ownership of PC Law Firms, would provide for minority ownership (up to 49%) of law firms and accounting firms by any individual. The bill...
Read this piece on Forbes.com regarding communications. It is an important reminder that the old adage - the best place for a private meeting is a very public place - is not something to bank on.Read this piece on Forbes.com regarding communications. It is an important reminder that the old adage...
This links to an interesting analogy that begins with the debate on the iPhone and does one stay with AT&T or migrate to Verizon. It then shifts to a very pertinent lesson about client relationships – A lawyer is like an iPhone. The first part is a debate that will evolve as more...
Some have suggested that good timekeeping habits are well established in a profession, 1) schooled for nearly four decades in the basics of fiscal hygiene, 2) and well assisted by sophisticated and mobile technology. Yet in this announcement we are reminded again, that constantly working on...