INQUIRY: I am a partner in a law firm, my practice is self-sustaining, and I am well compensated. Why should I consider moving to another law firm?
RESPONSE:
Being "compensated well" is a relative term. You must evaluate whether or not you're being paid well relative to the benefits and services provided by the firm.
If the firm is merely providing you with an office, phone, computer service, and quantifiable professional and support staff assistance, then you need to evaluate the cost of such services and then determine if your compensation is reasonably in line with the residual amounts remaining after deduction of the costs associated with the operation of your practice.
If the firm provides a brand identity, provides marketing assistance in attracting clients, or is a source of referral business to your practice, then you should analyze the value of such a brand and/or referral business.
You may ultimately conclude that, in the abstract, your compensation is substantial, yet when you evaluate what you receive in return for what you provide, the revenue that flows to you is unjustifiably inadequate.
Written by Lawrence D. Dicker, Founder and National Managing Director of The Knight Consulting Group Ltd.
Have a question for our founder? Send it to
FoundersForum@knightcg.com