In the ever-changing landscape of the legal industry, law firms face the constant challenge of attracting and retaining top talent while adapting to emerging trends and client demands. One crucial aspect in this delicate balancing act is culture, investments, and thus the distribution of bonuses and profit proceeds.
The conventional business model of law firms, which has remained relatively unchanged over the past three decades, is under pressure: recent surveys indicate a decline in the number of aspiring lawyers willing to join top-tier firms, highlighting the need for law firms to question their approach. Moreover, modern technology such as generative AI is also putting pressure on the type of work law firms can charge for.
As law firms strive to remain competitive, it becomes essential to explore the financial realities they face, the shifting expectations of aspiring lawyers, and the innovative strategies that can pave the way for a prosperous future. Talent enablement, (tech) investments, and incentives, such as bonuses, are an important part of this discussion.
Learn from 9 experts about their views on the distribution of bonuses & profits at law firms, and most importantly, in which direction they think it should evolve.
You can read the full report here.
