November 2, 2005
All Things Considered, The Optimal Partner Compensation System Is...
And the winner is..."Modified Lockstep," closely followed by my own perverse favorite "there's no such thing." Specifically, "lockstep with super-points" drew the most votes and "lockstep with geographic [or] practice group flexibility" were, combined, also in the running. This being a blog named after the intellectual godfather of capitalism, I am extremely gratified to report that "unfettered eat what you kill" beat "traditional lockstep" by nearly 3 to 1, but, as noted, the back-benchers choosing "no such thing" posted a very strong second showing.
My take on this? In a humane and enlightened, and yes, incentive-driven world, some specific-to-your-firm "modified lockstep" is indeed the superior choice. Proving once again the readers of "Adam Smith, Esq." are a discerning lot. (For those of you who don't know each other, trust me; this comes through in my emails all the time.)
Thanks and kind regards to all for voting—and for those of you who abstained: What's your problem? Don't tell me readers of this blog are opinion-challenged?!
Posted to Compensation | Cultural Considerations | Finance | Leadership | Partnership Structures | Strategy Printer-friendly version
Post a comment
Thanks for signing in, . Now you can comment. (sign out)
(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)
"Adam Smith, Esq. is, and will remain, the definitive
voice on law firm strategy."
—David
Jabbari, Global Head of Know-How, Allen & Overy
"I just don't know what the profession would do without you."
—Chairman, AmLaw 25 firm
“Constantly stunning.’—Managing Partner
"I read three things: The Wall Street Journal, The Economist,
and Adam Smith, Esq.—and I tell my partners to do the same."
—Managing Partner, AmLaw 50 firm
“You have a fascinating niche which you cover ever so much better than
does the conventional legal press.”
—Walter Olson of Overlawyered
“Required reading: Amazing.”—Venture Capitalist
"You're the brand name in law firm economics. There is no one out
there—repeat, no one—who covers this business better, or thinks about
it more creatively, than you. I tell people this guy is really, really good."
—Chair/Managing Partner, AmLaw 50 firm
Business Pundit
CorporateCounsel.Net Blog
Conglomerate
BusFilm by Larry Ribstein
Business Pundit
Carnival of the Capitalists
Chicago Boyz
Ensight
Marginal Revolution
Ronald Coase Institute
Stephen Bainbridge
"Adam Smith, Esq.,"® an inquiry into the economics of law firms, and the maroon banner, are a federally registered trademark belonging to Adam Smith, Esq., LLC, which is partially owned and controlled by Bruce MacEwen.
This weblog is licensed under a Creative Commons License.
