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Remuneration and reward strategies for law firms

Overview

The knowledge that will drive your firm and its staff forward in 2012:

•    Implement the right remuneration strategy for your firm: Lockstep vs. Merit based
•    Arm yourself with practical know-how to navigate your firm through any structural changes that may come along: Mergers, team hires and equity structures
•    Reward and engage your rising stars and employees in a competitive market through innovative benefits
•    Retain your talented professionals from partners to non-legal professionals
•    Benchmark your firm against the cutting edge remuneration trends in the changing legal market
•    Build your network, share your experience and learn how others are tackling key these issues moving forward

"Law firm partner remuneration systems and processes need to change radically to reflect the changing marketplace and the fact that history is finally moving on!"

Charlie Keeling, Chief Operating Officer, Field Fisher Waterhouse

The world in which we live and work

We don't need to read the news to understand that the market situation at the moment is somewhat tenuous with many questions around how the current eurozone crisis will affect the UK, and business in general. Our research indicated that whilst most firms posted profits this quarter, things are not looking rosy for the future. Questions were posed such as: Are we headed for a double dip? Will the market stabilise? What will this mean for law firms operating in an increasingly competitive market? How will we retain our staff when the huge salaries of yesteryear are no longer sustainable?

Aside from the general market changes, there is a lot of change happening in the legal sector itself, with mergers and lateral hires dominating the legal press. This seems to be a trend that will continue as firms struggle to survive in an increasingly competitive and saturated market. This raises many challenging questions such as what will lawyer remuneration look like in the future? How will UK law firms manage the tenuous balancing act between sustainable financial remuneration and retaining key talent in a tough economic climate? And how are other firms tackling these issues?

How are we addressing these concerns in the programme?

Many fear that salary freezes will continue or that smaller firms will struggle to retain their star performers; this means that they need to look at creative ways of making themselves attractive to lawyers, as well as ensuring their current employees are happy where they are. Reviewing your current remuneration structures, employee benefits and bonus schemes are ways to guard against losing staff in challenging times (either through lateral hires, or redundancies) and also to ensure that your current staff are happy enough to stay where they are rather than take the risk and move when the future is uncertain.

An essential part of growing one's firm is to ensure that the new parties are integrated into the firm and that their clients and contacts are shared. This is the opportunity for HR to make a huge impact on the success or failure of these mergers/lateral hires. When should you get involved? What challenges can you expect? Very often HR is not involved or do not even know of these mammoth changes until the papers are signed and the deal sealed. This conference will help ensure that you aren’t caught unawares, and can anticipate the key challenges you may be faced with should your firm choose to follow this route.

Managing Partner of Lewis Silkin, Ian Jeffery shares his insights and innovations into challenges involved in changing equity structures and how HR can get involved and share their expertise. Charlie Keeling, Chief Operating Officer of Field Fisher Waterhouse explores the challenges he faced in structuring an international remuneration model that rewards partner performance.

If you are involved in deciding and implementing the HR and remuneration strategy for your law firm then you simply can’t afford to miss out on the one-of-a-kind insight that this conference will provide! http://www.ark-group.com/mp_introduction.asp?ac=1210&nc=1&fc=167

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