John Chisholm - Böcker

Commentators have argued for many years that law firms need to move forward from their traditional, seniority-based compensation systems. But it's not enough to simply add performance-related elements at the edges of these. Shifting generational-based attitudes; changing career aspirations; increasingly demanding clients; and pricing innovation and development in the range of benefits that can be offered (both financial and non-financial) all conspire to urge firms to rethink how their compensation system operates at all levels, across the whole firm. By reviewing these emerging factors, Compensation Innovation: An in-depth exploration into the future of law firm compensation aims to inspire law firms towards future proofing their compensation systems so that they continue to deliver results as their partnerships age. Exploring also the interplay between compensation and succession planning, and compensation and lateral hiring, the authors keep one eye to the future.

The COVID-19 pandemic has undoubtedly had a seismic and lasting impact on how the business of law is conducted. Whilst 2020 certainly expedited changes that were already trending – flexible work schedules, fully-remote offices, revised resource allocations, new client expectations – it also forced firms to adopt practices, methodologies, and strategies that pre-COVID they insisted they could not.These changes are not only here to stay but have become the expectation. Law firm attorneys, staff, and indeed clients are no longer interested in a traditional office, nor the practices that typically occurred within them. The modern law firm needs to evolve with both employee and consumer expectations in order to stay abreast with the post-pandemic world.The Post-Pandemic Law Firm looks at how law firms can make a paradigm shift, adopting an entirely new business model that focuses on providing outcomes, outputs, and results to their clients and internally places the wellbeing of their team as a cornerstone to the future long-term success and sustainability of the legal profession. Chapters include changes to business models, virtual and remote working, how the pandemic has affected women in the profession, the future of dispute resolution, M&A activity and changes to pricing models – all authored by highly respected practitioners in the modern legal system.For those law firms leaders and lawyers that realize a ‘return to normal’ is exactly the wrong approach, there is an opportunity to create a brighter future where work–life balance, market innovation, and smart use of technology will define the law firm of the future.