How firms trapped themselves

Article Abstract:

Economic and social factors of the 1990s necessitate different strategic planning by law firms. The number of associates law firms hired during the expansionary 1980s outpaced the number of clients available for them to serve and made existence more tenuous for partners who do not generate a lot of revenue. Rapid increases in associate salaries during the 1980s also increased the cost-effectiveness of relying on in-house counsel and led to increases in corporate legal department salaries as well. In-house work became more attractive and the need for outside counsel decreased.

Corporate counsel

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Of counsel status raises coverage issues

Article Abstract:

Of counsel attorneys contemplating enrollment in employee benefit plans covered by ERISA should make sure their employment status is structured in such a way that they are regarded as common-law employees. In Nationwide Mutual Insurance Co v Darden, the Supreme Court held that pursuant to Section 502(a) of ERISA, a person's employee status is governed by common-law principles of agency. According to Harper v American Chambers Life Insurance Co, a non-employee participating in a covered plan may be able to bring suit as a beneficiary.

Cases, Pension funds

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Firms re-evaluate partner compensation systems; establishing a fair performance evaluation system can prevent rifts in a firm over distributions

Article Abstract:

Compensation for partners in most firms should reflect performance and should include an explicit message regarding how each is contributing to the firm and its future. Measurement systems must recognize the limitations of purely objective or measurable characteristics, and go out of their way to consider other contributions. The compensation committee should not be the same as the firm management, and could include partners with varying levels of experience. Compensation should take into account a firm's shifting strategies.

United States, Planning, Employee performance appraisals, Performance appraisals, Partnership distributions

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