Tim Corcoran | Disrupting Outdated Law Firm Compensation Models

TIm CorcoranTim Corcoran is a keynote speaker, author, legal commentator, and the Principal of Corcoran Consulting Group.

Tim is also a Trustee and Fellow of the College of Law Practice Management, former President of the Legal Marketing Association and a member of its Hall of Fame, an American Lawyer Research Fellow, a Teaching Fellow at the Australian College of Law’s Master in Legal Business program, and a frequent presenter at lawyer retreats and legal conferences.

Tim’s mission is to guide law firms and leaders through the profitable disruption of outdated business models — including compensation. With over two decades as a senior corporate executive and a deep understanding of the psychology and economics of change, he knows how to navigate challenging discussions masterfully using actionable advice.

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Here’s a glimpse of what you’ll learn:

  • How does the typical law firm currently structure compensation for partners?
  • Tim Corcoran discusses the move to abandon the lockstep model
  • How should a lawyer’s skillsets be valued?
  • Changes in the industry that impact compensation methods
  • Tim talks about where he sees innovation and success for law firms
  • The difficulties surrounding law firm management and leadership skills
  • Tim’s advice on creating a thriving law firm: avoid a one-size-fits-all approach

In this episode…

Many compensation models were put into place generations ago — and haven’t been updated since. Why is it so important to adjust your compensation plan with the evolving industry, and how can you transition?

The market is changing, forcing law firms of all sizes to demonstrate their expertise in order to sell against steeper competition. Nowadays, compensation should be based more on an individual’s skillsets and contributions — rather than seniority. Although a compensation model is not a one-size-fits-all approach, your firm should be looking to reward innovation and talented employees who are winning more work for the company. Fortunately, Tim Corcoran says adjusting a compensation plan is not as complicated as you might think.

In this episode of The Lawyer’s Edge Podcast, Elise Holtzman is joined by Tim Corcoran, Principal at Corcoran Consulting Group, to talk about the best ways your firm can update its compensation model. Tim discusses the outdated compensation methods — and why it’s important to evolve with the market, changes that impact how law firms should compensate, and where to begin when looking to update your model.

Resources mentioned in this episode:

Sponsor for this episode…

This episode is brought to you by The Lawyer’s Edge, a firm based in the New York metropolitan area founded by Elise Holtzman in 2008 to help lawyers become skilled business developers and leaders so that they can grow their practices, retain top talent, and step confidently into leadership roles.

The firm offers customized coaching, consulting, and training programs such as their signature business development program, Lawyers Making Rain.

Now more than ever, it’s not enough to just do good work and hope your law firm will thrive. And no matter how smart and hard-working you are, it can be time-consuming and overwhelming to figure it all out by yourself.

To learn more about how we help lawyers become rainmakers and leaders, visit thelawyersedge.com or email us at podcast@thelawyersedge.com.

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