Research Reports

Product ID: 3957

Nowhere has the impact of the financial downturn been felt more sharply than with respect to partner compensation.

Out of necessity, firms are becoming much more careful and conservative about what they are able to do with base pay, draws, and distributions. Gone are the days when partners can simply rely on skyrocketing compensation.

IOMA’s Research Report Law Firm Partner Compensation 2009-2010 delves into the recent trends in the compensation landscape.

With it, you can learn more about what measures law firms are taking to combat reduced billings and to reconfigure compensation structures for partners, including:

• Establishing new criteria on which to base compensation decisions
• Changing who evaluates performance and makes compensation decisions
• Turning greater attention to “profit center” performance
• Placing an increasing emphasis on current and anticipated performance, rather than looking back at the past performance

Plus, based on exclusive results from LOMAR’s annual survey of law firms, this report reveals many key statistics, such as:

• 35.2% of respondents indicated that compensation decisions in their firms are made exclusively by the compensation committee

• the least popular approach for determining compensation in firms of all sizes was to allow the managing partner to have sole say in compensation matters

• Close to half (41.0%) of all respondents indicated that their pay had grown by only 1-10% since the previous year while 25% had seen decreases of 1-10%

• Larger firms (over 200 employees) feel particularly vulnerable and have the highest expectations for lower compensation in the upcoming year

• And More.
  

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