Law firms are service businesses whose main asset are its people. These people are key in building relationships and servicing clients in the way that clients want. They provide a vital contribution to making law firms successful. Many firms have introduced bonus schemes and a lot of them have had the opposite effect to that intended. Poorly thought out bonus schemes have the ability to seriously de-motivate people.
When it comes to rewarding people, law firms need to firstly understand their own objectives and what behavioural change they are seeking from their people. They then need to consider what motivates them and what de-motivates them. With workforces becoming increasingly diverse, firms need to consider the need for different reward strategies for different groups of people and different skillsets.
We work with firms to develop and then deliver bespoke bonus scheme packages that are based on their particular strategic objectives.
Reward packages need to be:
Bespoke bonus scheme packages that are based on your firm's particular strategic objectives.
All law firms of all structures and sizes in all locations.
Head of finance to provide information requested in advance. Pre-agreed partners and head of finance to attend planning meeting and report finalisation meeting. Pre-agreed partners and staff to be available for the one day visit for interviews. Entire team to attend the scheme presentation session.
Bespoke bonus scheme with finance training to provide the fee earners with the tools required to achieve their targets.
£875 plus VAT and disbursements for the initial assessment and meeting. The above is the fixed fee payable in advance cost option. Additional fees to be agreed based upon bespoke schedule of pricing options produced following the assessment meeting. Fees are agreed in advance.
Commonly one to two months, although dependant on individual circumstances.
The process can be tailored to meet the needs of the individual firms but commonly includes the following steps:
We recognised that we could benefit from a more effective rewards programme for our staff and fee earners in order to reward and further encourage high performance. However, we were unsure about how to structure such a rewards programme in a way which would not have an adverse affect on morale within the firm or the culture of the firm. We were impressed by the knowledge, experience and awareness of Andy Poole and the specialist legal sector team at Armstrong Watson. They really understood the likely impacts of potential rewards programmes and were able to provide a comprehensive report, suggesting a bonus scheme that was bespoke to our business, helping us to drive performance in our key areas. The presentation of the scheme, suggested rules and financial awareness training delivered to our fee earners has had a positive impact on our business.
Ian Kennerley, Partner, Silk Family Law