Unraveling the law firm compensation knot: March Wisconsin
Lawyer highlights the impacts of compensation systems
The March issue of Wisconsin Lawyer features articles on
compensation systems, surrogacy law, the
expanded right to sue out-of-state insurers, and preparing your law firm
for the “seismic” departure of baby boomer attorneys in the
next two decades, among others.
March 9, 2012 – When it comes to law firm compensation systems,
“one size definitely does not fit all,” according to
Milwaukee attorney and lawyer coach Michael Moore, whose article anchors
the March Wisconsin Lawyer, now available online
and in mailboxes soon.
With a bit of Greek legend, Moore tackles law firm compensation in his
article, “Untying
the Gordian Knot: Law Firm Compensation,”
noting that compensation systems can be a controversial topic in law
firm management, and there is no magical system.
“Whether lawyers are forming a new firm or dealing with existing
systems, they should be cautious with compensation decisions because
simply improving short-term personal rewards may create negative and
long-term damage to the law firm’s culture and values,”
Moore writes.
Surrogacy law is inadequate in Wisconsin
In “Wisconsin’s
Undeveloped Surrogacy Law,” De Pere lawyer Thomas Walsh discusses the law of
surrogacy in Wisconsin, why it’s
inadequate, and highlights solutions to improve the law.
“The law in Wisconsin is remarkably undeveloped. Those attempting
to use the surrogacy process in this state are left to
wonder whether their agreements will be enforced and their own personal
needs met,” Walsh writes.
Milwaukee attorney Michael Moore believes that law firm compensation
is one of the most controversial topics in law firm management. In this
WebXtra video, he advises law firms to be
cautious about these decisions, because efforts to improve short-term
rewards may create negative, long-term damage to firm culture and value.
Read his article, “Untying
the Gordian Knot: Law Firm Compensation.”
He spotlights the ABA Section of Family Law’s Model Act Governing
Assisted Reproductive Technology as a model for state laws. The Model
Act addresses important aspects of surrogacy, such as
gestational agreements, health insurance, and payment to donors and
carriers.
“One area of the surrogacy process
that has invited a great deal of debate is the payment of compensation
to gamete donors and surrogates,” Walsh explains.
Personal injury and out-of-state insurers
A catastrophic motor vehicle accident is the backdrop for “Lessons
from Casper:
Expanded Recovery for Injured Litigants,” written by Fox Point
attorney Monte Weiss.
In his article, Weiss explains why injured litigants can now bring
direct-action suits against out-of-state insurers, regardless of whether
the policy is issued or delivered in Wisconsin.
“This direct access to an insurer is important because often the
individual tortfeasor will not have sufficient independent financial
resources to provide full compensation for the cost of today’s
injury claims,” writes Weiss, who also explains the implications
for corporate officers.
Keep your best clients during the “seismic generational
transition”
In the “Practice Management” column entitled, “Successful
Succession: Keep Your Best Clients When Boomer Lawyers
Retire,” Minneapolis attorney and professional coach Roy
Ginsberg provides advice on how law firms can prepare to keep their best
clients as “baby boomer lawyers” retire, noting that some
400,000 lawyers in the U.S. are nearing retirement age.
“Take a careful look at your law firm’s most influential
leaders and biggest rainmakers,” Ginsberg writes. “Chances
are that these individuals will be retiring over the next two decades.
Is your law firm prepared for the seismic generational
transition?”
Ethics and risk management
The ever-mindful Tom Watson, a lawyer and vice president at Wisconsin
Lawyers Mutual Insurance Corporation, Madison, sees spring as a
springboard for “8
Ways to Freshen up Your Risk-Management Procedures,” which
appears in his monthly “Managing Risk” column.
“Improving your risk-management strategies may help you keep
clients, save money, and avoid being the subject of an Office of Lawyer
Regulation complaint,” Watson explains.
Finally, Dean Dietrich, past chair of the State Bar Professional Ethics
Committee, delves into the supervisory responsibilities of partners and
managers in the monthly “Ethics” column.
In “Supervising
Lawyers: Accountability for Others’ Work,” Dietrich
provides guidance for supervising lawyers seeking to define their
responsibilities, whether supervising one lawyer or serving on a law
firm management committee. Dietrich is a lawyer in Wausau.
