August 31, 2007
Spinning Increases Law Firm Income
Allison Wolf’s post, the fine art of delegation, is an insightful interview with Adam Pekarsky about the influence of leverage and delegation on partner income. “Spin” is the term Fraser Milner Casgrain LLP uses for work ones pushes down in the organization.
According to Wolf, Pekarsky put it this way: “If partners don’t delegate the lower level work then it’s like driving a formula one race car around a Safeway parking lot.”
Too many law firm partners hoard work to the detriment of long term growth in per-partner income. Wolf makes it clear:
A lawyer who spins down the work keeps the most interesting, highly paid work for his/herself.
The lawyer who spins doesn’t have to write down bills and gets paid at a higher rate.
Another clear message is that partner compensation should emphasize the sum of partner production and spin.
I would expand on Wolf’s message by adding that a firm’s compensation plan is often the reason Why Partners Hoard Work. That, in turn, leads to poor leverage, underutilization of associates and high turnover.
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Filed under Leverage by Tom Collins
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