Market Areas > Practice Management > Associate Compensation

Retooling Associate Pay: Key Strategies to Adapt to the New Economy

Course Description:

At large firms associate pay tops $160,000 for green recruits.  Sure they’re trained to think and act like lawyers, but they’re not yet ready to lawyer.  Considering the current marketplace, that’s a substantial cost for on the job training that’s subsidized by your clients.

In light of clients screaming about rates, telling you you can’t use first- or second-year lawyers, looking at retooling your associate pay structure makes a lot of sense.

Leading US firms are abandoning tradition as they cut costs by imposing merit pay, slashing salaries and generally putting an end to decades of associate entitlement.

Is a reduction in pay or salary freezes needed for your firm to remain profitable? Could you discard guaranteed raises and base associate bonuses on merit rather than grant them in lockstep fashion?    

With this critical CCM law firm resource, you will learn:

• How revamping associate compensation will affect all aspects of your firm’s health… revenue, partner profits, billing rates, and client satisfaction,
• Key metrics to consider when planning a retooled pay structure, and
• Who’s doing what: compensation alternatives being considered and used in firms across the country. 
  

By the end of this program, you’ll also know:

• What’s worth more than money? - Ideas and tactics to reward and retain top talent during the recession
• Current market trends for associate compensation
• Top factors to consider when developing new associate compensation packages
• What, aside from compensation, matters most to associates and mid level lawyers
• When to consider merit-based pay, two-tiered partnerships or other non-traditional pay options

Featured Faculty:

Kimberly R. Yagelski, Recruiting Director, McDonnell Boehnen Hulbert & Berghoff LLP

Kimberly R. Yagelski directs the legal recruiting and attorney development at McDonnell Boehnen Hulbert & Berghoff LLP. Ms. Yagelski applies her extensive experience in the legal recruiting field to find qualified candidates for attorney, law clerk, summer clerk, and technical advisor positions.

Kimberly holds a B.A. from Ithaca College, Summa Cum Laude and is a member of the National Association for Law Placement.

Ronda Muir, Senior Consultant, Robin Rolfe Resources, Inc.

Ronda's expertise couples years of practicing law in the U.S. and Europe with advanced study in psychology and conflict resolution. She brings business-savvy, psychologically sophisticated evaluations of, and real-world solutions to, the organizational and personal dynamics issues that are unique to law firms and law departments. By enhancing these dynamics, she helps firms achieve the collaborative, energized culture that best supports lawyers and the clients they serve. She is a frequent speaker and has written numerous articles on issues such as diversity in the legal workplace and emotional intelligence

MONEY-BACK GUARANTEE:

Pricing:

Your CD recording includes the complete audio conference presentation, audience Q&A and presentation materials.

CLE:

CCM provides audio conference attendees with CLE credit processing services. To expedite CCM processing your CLE request, please complete and submit the evaluation form available from CCM at the conclusion of the audio conference. It will be necessary to enter the following information: name of each attorney requesting CLEs with full contact information, including e-mail address, bar number, and the state in which the attorney wants credits. Each attorney requesting credits must submit an evaluation.

Please be advised CCM audio conferences are subject to approval from each CLE issuing organization and approval is not guaranteed (state bar associations in Delaware, Indiana, Kansas, Ohio, and Pennsylvania do not grant CLE credits for audio conferences). The approval process takes approximately 6 - 8 weeks for most organizations but can take as long as 3 - 4 months. You will be notified via e-mail with the final status of your CLE application.

Any person applying for CLE credits must attend the audio conference from start to finish (attendance will be taken for compliance reasons). Requests for CLE credits must be received no later than two weeks following the conclusion of the audio conference or live conference. CLE credits are not available for CD recordings.

If you have any questions regarding CLE credits, contact Jill Adler at 631.368.2082 x 21 or jill.adler@meeting-matters.com.

Each CCM event presents a variety of information and is presented for each organization to develop its own approach and methodology.