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ATTORNEY DEVELOPMENT PLAN
ATTORNEY DEVELOPMENT PLAN
ATTORNEY DEVELOPMENT PLAN
WHAT IS THIS ALL ABOUT?
✓ Developing talented and motivated lawyers
✓ ...
ATTORNEY DEVELOPMENT PLAN
ATTORNEY DEVELOPMENT PLAN
WHAT DOES IT TAKE?
✓ Equity member commitment
✓ Associates and Income ...
ATTORNEY DEVELOPMENT PLAN
ATTORNEY DEVELOPMENT PLAN
HOW IS IT ACCOMPLISHED?
✓ The right recruiting strategy
✓ The right ev...
ATTORNEY DEVELOPMENT PLAN
ATTORNEY DEVELOPMENT PLAN
HOW IS IT ACCOMPLISHED?
✓ Short and long term incentives
✓ Placing the...
33%
Evaluation
and feedback
system
Practice
planning
Compensation
and incentives
MAIN COMPONENTS OF AN
ATTORNEY DEVELOPMEN...
ATTORNEY DEVELOPMENT PLAN
EVALUATION AND FEEDBACK
SUBJECTIVE CRITERIA
 Quality of professional work
 Client relations an...
ATTORNEY DEVELOPMENT PLAN
EVALUATION AND FEEDBACK
OBJECTIVE CRITERIA
 Billable hours
 Timekeeper profitability
 Busines...
ATTORNEY DEVELOPMENT PLAN
EVALUATION AND FEEDBACK
REWARDS
SUBJECTIVE OBJECTIVE
More salary emphasis Less salary emphasis
L...
ATTORNEY DEVELOPMENT PLAN
EVALUATION AND FEEDBACK
DATA COLLECTION AND ANALYSIS
 Online Form - demonstration
 Grading Sca...
ATTORNEY DEVELOPMENT PLAN
EVALUATION AND FEEDBACK
ANALYTICS
 Evaluation score summaries
 Peer comparisons
 Progression ...
ATTORNEY DEVELOPMENT PLAN
EVALUATION AND FEEDBACK
FEEDBACK
 Sharing results – view graphics
 Progression toward partners...
33%
Practice
planning
MAIN COMPONENTS OF A
ATTORNEY DEVELOPMENT PLAN
ATTORNEY DEVELOPMENT PLAN
PRACTICE PLANNING PROCESS
WHAT IS A PRACTICE PLAN?
 Non billable time investments
 General inv...
ATTORNEY DEVELOPMENT PLAN
PLAN DEVELOPMENT CONTEXT
 Years 1 – 5 heavily influenced by the members
 After year 5
 Attorn...
ATTORNEY DEVELOPMENT PLAN
PLAN DEVELOPMENT CONCEPTS
 Shared vision of success
 Train associates to view career strategic...
ATTORNEY DEVELOPMENT PLAN
SAMPLE PLAN REVIEW
 Economic summary – sample plan
 Plan detail
 Frequency
PRACTICE PLANNING ...
ATTORNEY DEVELOPMENT PLAN
PRACTICE PLANNING PROCESS
FREQUENTLY ASKED QUESTIONS
 Do people really do this?
 Are there any...
33%Compensation
salary and bonus
MAIN COMPONENTS OF A
ATTORNEY DEVELOPMENT PLAN
Associate/IP
compensation
and bonus plan
philosophy
Competitive base
salaries
Performance based
bonuses
Goal is to reward
...
Compensation
philosophy
Base compensation
long term value
Bonus
short term
performance
Objective
Subjective
Billable Hours
Profitability
Leverage
Billable Hours Individual
Profits
Leverage
Profits
Bonus basis
...
Objective
Subjective
PD efforts
Specific
contributions
Determined by committee Pre-determined scale
Bonus
Subjective - opt...
MEMBERSHIP ADMISSION CRITERIA
Associate progression
to income partner
Income partner to
to equity partner
ATTORNEY DEVELOPMENT PLAN
PROMOTION TO INCOME PARTNER
COMMON CRITERIA
 Minimum of 5 years with the firm
 Ability to grow...
ATTORNEY DEVELOPMENT PLAN
PROMOTION TO INCOME PARTNER
COMMON CRITERIA
 Recruiting support
 Composite score of 4.0 on a 5...
ATTORNEY DEVELOPMENT PLAN
INCOME PARTNER TO EQUITY PARTNER
COMMON CRITERIA
 Continued satisfaction of income member requi...
ATTORNEY DEVELOPMENT PLAN
PROGRESSION TO PARTNERSHIP
Associate
5 years
Income
member
2 years +-
Equity
member
7 years +-
T...
ATTORNEY DEVELOPMENT PLAN
ORIGINATION FUNDAMENTALS
BOOK OF BUSINESS DEFINED
 Business originated and controlled
 Inherit...
ATTORNEY DEVELOPMENT PLAN
BOOK OF BUSINESS DOES NOT INCLUDE
 Business without opportunity cost
ORIGINATION FUNDAMENTALS
ATTORNEY DEVELOPMENT PLAN
COMPONENTS OF A SAMPLE BOOK
 Business that you originate should be at least 50%
 Business that...
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Attorney Development Plan

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Creating and Effective Associate Development Program for Tomorrow's Leaders.
This presentation reviews the essential components of an effective program including:
- evaluation and feedback
- practice planning
- compensation
- advanced criteria

Published in: Law
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Attorney Development Plan

  1. 1. ATTORNEY DEVELOPMENT PLAN
  2. 2. ATTORNEY DEVELOPMENT PLAN ATTORNEY DEVELOPMENT PLAN WHAT IS THIS ALL ABOUT? ✓ Developing talented and motivated lawyers ✓ Ensure the best attorneys stay with the firm ✓ Building a high performance culture
  3. 3. ATTORNEY DEVELOPMENT PLAN ATTORNEY DEVELOPMENT PLAN WHAT DOES IT TAKE? ✓ Equity member commitment ✓ Associates and Income Members have to perform ✓ Honestly evaluate performance
  4. 4. ATTORNEY DEVELOPMENT PLAN ATTORNEY DEVELOPMENT PLAN HOW IS IT ACCOMPLISHED? ✓ The right recruiting strategy ✓ The right evaluation and feedback systems ✓ Priority training and development (the best and the rest)
  5. 5. ATTORNEY DEVELOPMENT PLAN ATTORNEY DEVELOPMENT PLAN HOW IS IT ACCOMPLISHED? ✓ Short and long term incentives ✓ Placing the right people in the right roles ✓ Advancement criteria
  6. 6. 33% Evaluation and feedback system Practice planning Compensation and incentives MAIN COMPONENTS OF AN ATTORNEY DEVELOPMENT PLAN
  7. 7. ATTORNEY DEVELOPMENT PLAN EVALUATION AND FEEDBACK SUBJECTIVE CRITERIA  Quality of professional work  Client relations and service  Personal development  Business development efforts  Profile building  Administrative compliance  Training and teaching  Firm values
  8. 8. ATTORNEY DEVELOPMENT PLAN EVALUATION AND FEEDBACK OBJECTIVE CRITERIA  Billable hours  Timekeeper profitability  Business credit  Managing/billing profitability  Originating profitability
  9. 9. ATTORNEY DEVELOPMENT PLAN EVALUATION AND FEEDBACK REWARDS SUBJECTIVE OBJECTIVE More salary emphasis Less salary emphasis Less bonus recognition More bonus recognition Equal Advancement weight Equal Advancement weight BUILDING LONG TERM VALUE PROFIT CONTRIBUTIONS
  10. 10. ATTORNEY DEVELOPMENT PLAN EVALUATION AND FEEDBACK DATA COLLECTION AND ANALYSIS  Online Form - demonstration  Grading Scale  Practice Level  Performance Measures
  11. 11. ATTORNEY DEVELOPMENT PLAN EVALUATION AND FEEDBACK ANALYTICS  Evaluation score summaries  Peer comparisons  Progression measurements
  12. 12. ATTORNEY DEVELOPMENT PLAN EVALUATION AND FEEDBACK FEEDBACK  Sharing results – view graphics  Progression toward partnership (based on criteria)  Performance improvement plans  Individual meetings
  13. 13. 33% Practice planning MAIN COMPONENTS OF A ATTORNEY DEVELOPMENT PLAN
  14. 14. ATTORNEY DEVELOPMENT PLAN PRACTICE PLANNING PROCESS WHAT IS A PRACTICE PLAN?  Non billable time investments  General investments  Firm specific investments
  15. 15. ATTORNEY DEVELOPMENT PLAN PLAN DEVELOPMENT CONTEXT  Years 1 – 5 heavily influenced by the members  After year 5  Attorney choices aligned with the firm’s opportunities  Personal choices balanced with the firm’s needs  As a lawyer matures, more latitude is afforded PRACTICE PLANNING PROCESS
  16. 16. ATTORNEY DEVELOPMENT PLAN PLAN DEVELOPMENT CONCEPTS  Shared vision of success  Train associates to view career strategically  Focus efforts according to potential PRACTICE PLANNING PROCESS
  17. 17. ATTORNEY DEVELOPMENT PLAN SAMPLE PLAN REVIEW  Economic summary – sample plan  Plan detail  Frequency PRACTICE PLANNING PROCESS
  18. 18. ATTORNEY DEVELOPMENT PLAN PRACTICE PLANNING PROCESS FREQUENTLY ASKED QUESTIONS  Do people really do this?  Are there any compensation guarantees?  Is compensation based on these plans?  What if I do not participate?
  19. 19. 33%Compensation salary and bonus MAIN COMPONENTS OF A ATTORNEY DEVELOPMENT PLAN
  20. 20. Associate/IP compensation and bonus plan philosophy Competitive base salaries Performance based bonuses Goal is to reward hard work and increased value to clients ATTORNEY DEVELOPMENT PLAN
  21. 21. Compensation philosophy Base compensation long term value Bonus short term performance
  22. 22. Objective Subjective Billable Hours Profitability Leverage Billable Hours Individual Profits Leverage Profits Bonus basis Objective factors Associate/ IP Bonus Plan Recap
  23. 23. Objective Subjective PD efforts Specific contributions Determined by committee Pre-determined scale Bonus Subjective - optional Associate/ IP Bonus Plan
  24. 24. MEMBERSHIP ADMISSION CRITERIA Associate progression to income partner Income partner to to equity partner
  25. 25. ATTORNEY DEVELOPMENT PLAN PROMOTION TO INCOME PARTNER COMMON CRITERIA  Minimum of 5 years with the firm  Ability to grow existing firm business  Bar or civic association leadership  Speaking and publishing success
  26. 26. ATTORNEY DEVELOPMENT PLAN PROMOTION TO INCOME PARTNER COMMON CRITERIA  Recruiting support  Composite score of 4.0 on a 5.0 scale  Ability to leverage other lawyers and paralegals  Economically viable
  27. 27. ATTORNEY DEVELOPMENT PLAN INCOME PARTNER TO EQUITY PARTNER COMMON CRITERIA  Continued satisfaction of income member requirements  Annual originations of $350,000  Newly originated recurring billings of at least $75,000
  28. 28. ATTORNEY DEVELOPMENT PLAN PROGRESSION TO PARTNERSHIP Associate 5 years Income member 2 years +- Equity member 7 years +- TIMELINE
  29. 29. ATTORNEY DEVELOPMENT PLAN ORIGINATION FUNDAMENTALS BOOK OF BUSINESS DEFINED  Business originated and controlled  Inherited business trough a succession or strategic plan  Certain client sharing credits
  30. 30. ATTORNEY DEVELOPMENT PLAN BOOK OF BUSINESS DOES NOT INCLUDE  Business without opportunity cost ORIGINATION FUNDAMENTALS
  31. 31. ATTORNEY DEVELOPMENT PLAN COMPONENTS OF A SAMPLE BOOK  Business that you originate should be at least 50%  Business that you inherit or share in 45%  Nominal client credits from other partners 5% ORIGINATION FUNDAMENTALS
  32. 32. b r i a n @ p e f o r m l a w . c o m PerformLaw.com

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