Audio Conferences

  September 20, 2007 at 02:00PM ET

Leaders in firms of all sizes must confront runaway associate pay and its long-term impact on firm revenue, partner profits, billing rates, client satisfaction, and more.

Associate compensation has increased to unprecedented levels; from an average for beginning associates of $145,000 to 160,000 at major law firms across the country. This latest push begs the question: Is upping the ante the best (or only) option for firms looking to get an edge in the race for talent? And what about small/mid-sized firms who are less willing to meet these compensation levels?

Money will help lure young lawyers to your firm; however, it may not keep them there, as the robust lateral marketplace shows.

Some would argue that increases to the going rate for associates are long overdue. Still, law firm leaders can’t overlook the potential “big picture” economic impact when law firms revamp their associate compensation plans—especially as it relates to firm revenue, partner profits, billing rates, and client satisfaction. A recent analysis suggests that in large firms where average per-partner profits run about $2.4 million a year, each partner will take a personal annual hit of $40,000 to $70,000 to fund associate salary increases.

Still, firms need to remain competitive in the market for talent. So what are the alternatives ? Join IOMA for this candid interactive discussion of what it takes to mitigate the bottom line impact of rising associate salaries for partners and law firms as a whole.

In just 90 minutes, you’ll learn:

• How firms can avoid the natural fallout created when partners are expected to finance associate pay hikes
• What works to alleviate common problems, like pay compression
• What savvy law firms are providing—other than cash—to enhance their recruiting and retention positions among competing firms
• Why more firms are turning to merit-based pay , two-tiered partnerships, and other “non-traditional” compensation options
• How your peers and competitors are confronting ancillary issues relating to associate compensation
• And much more

Who Should Attend

• Law firm administrators
• Managing partners
• Law firm partners who serve on management and compensation committees
• Recruiting and career professionals in the law firm space
Plus, you can get all your toughest questions answered in the Q&A session following the discussion. AND, you can invite your entire department–for one low price!

FEATURED FACULTY:

Ronda Muir
Senior Consultant, Robin Rolfe Resources

Ronda Muir is a senior consultant at Robin Rolfe Resources, a consulting firm that provides custom management services to law firms, corporate legal departments, and providers serving the legal profession. She has practiced law at a major Wall Street law firm, a small Washington DC boutique firm and served as co-general counsel for a multinational, Paris-based conglomerate.
Muir is well-published in the area of people management, including the topic of associate compensation. Her blog--LawPeopleBlog.com—regularly covers Associate Development, Client Service, Coaching, Conflict, Culture, Diversity, Intelligence, Legal Education, Leadership, Management, Mentoring, Recruitment, Retention, Risk Management, Succession, Work Satisfaction, and work/life balance. She has also counseled Fortune 500 companies on board governance and organizational performance and provided high-performance coaching for senior executives. Following her graduation from Swarthmore College, Muir received her JD from the University of Texas Law School, and a Certificate in Comparative Law from the London School of Economics

Todd S. Lundy
Managing Partner, The Lundy Group

Todd Lundy is Managing Partner at The Lundy Group. He has extensive experience with law firms of all sizes in many aspects of management, including, but not limited, to law firm and practice area strategy and marketing, partner and associate compensation, law firm mergers and operations, partner relations, etc.

Register today! Unable to attend? Order the CD now!