Compensating the Unique Practice Partner
Compensating the Unique Partner
How do you compensate the partner who has a unique practice within a law firm? First you must determine when a unique practice exists. The situation arises when a partner develops a practice that is outside of the firm’s core services and/or clients. It is likely to be:
- Self supporting: of sufficient scale to be a standalone operation,
- Independent: in that it is not dependent on the rest of the firm for the clients and work; although resources of the firm may support it to some extent,
- Interesting: at least for the partner who developed it, and
- Sustainable: economically viable over many years and in varying economic conditions.
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