Altman Weil®, Inc. recently released its fourth survey of compensation systems in private law firms. This examination, which began a decade ago with the first such study, provides a look into the methods and philosophies of compensating law firm owners, associates, paralegals and staff.
Responses to the questionnaire varied most by size of firm. However, certain structural differences in forms of law firm organization also accounted for differing replies to some questions. These differences lie primarily in the tax treatment the organizations and their owners receive.
This article provides an overview of the key findings in the survey, augmented by the author’s experience in advising law firms on compensation systems.