Modern Law Practice’s Billie Tarascio discusses law firm compensation and bonus structures in law firms. Check out the industry average, how NPS and other KPIs can impact bonus and the eat what you kill model.
Compensation is a big deal, right? It’s controversial, and puts you and your associates in a place where there could be conflict between what you’d like to pay them – while still keeping your overhead paid for – and what your associates think they should be earning. In this video, Tarascio shares some of the slides from a recent webinar on this subject showing what attorneys make for income, and the difference between Big Law compensation, and the standards for other attorneys in smaller firms.
Bottom line: the average compensation for attorneys hovers around $75,000, and most associates want to make significantly more. Here are some of the influences on that and what to do about it.