By Brenda A. Barnes and Camille Stell A successful compensation plan should reflect shared goals and values. A successful plan also requires trust among the members of the firm. A winning compensation plan aligns the values of the law firm with relevant, up-to-date market data. Here are additional components of a modern compensation plan. Evergreen Compensation plans must be constantly evolving. What worked 10 years ago is likely not working well today and what works today may not work five years from now. The legal system has faced as much change in the past 10 years as in prior decades. Everything about the system has changed, from the amount of law school debt that the majority of young lawyers have, to the changing face of legal competition. Continually reviewing and… . . . read more