June 27, 2006
The Funny Thing About the Brits' Move to EWYK
Adam Smith, Esq. notes a Legal Week article that reports that the Brits are moving away from varieties of lockstep compensation systems toward the American Eat-What-You-Kill system. They are doing so at the very time that the former colonies are facing up to the weakness of EWYK.
What is their motivation? True, the lockstep compensation has some weakness of its own. But one of the motivations has to bring a smile to your face. The U.K. is about to pass legislation banning “age” discrimination against the young!
There is an old saying that youth is wasted on the young. Youth has the desire, but seniors have the income and net worth. The Brits would change that. Makes you wonder who is in charge in Parliament…
The Adam Smith post goes on to review the advantages and disadvantages of lockset compensation methods. While EWYK carried to the extreme can be counterproductive, a tolerant lockstep can be just as destructive.
PS: The Brits are really on a tear to change things and that includes considering law firm ownership by non-lawyers. David Maisters wrote a long post back in February explaining why law firms aren't "equity" or owner focused. Maybe the Lord High Chancellor should take a read. Of course, the real motive may be to allow the entry of financial institutions and others into the business of providing legal services
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Filed under Compensation by Tom Collins