The main difference between a personal law firm and a corporate law firm is that the latter involves high salaries and lavish benefits to its associates, as the latter has to keep its employees and partners happy. The corporate law firm on the other hand is the one who gets the business done and does not have to worry about their company's image or reputation.
A personal law firm on the other hand follows the same fixed pattern of compensation, meaning that all members make the same base salary that increases with experience and time, topped-off with merit-based raises. A good corporate law firm salary graph would most likely resemble this:
A good corporate law firm salary graph would therefore look like this:
A professional corporation must therefore set their lawyers salary in a way that allows them to pay competitive wages. If the top lawyers are making more money than the others, then they will have to adjust their rates. The best way to do this is by using a combination of salary, benefits and even bonuses.
If a lawyer is earning more than the law firm's revenue, then there is more scope for him/her to earn a higher salary. To do this, the corporation will need to have more lawyers compared to the size of the firm. This will not be a problem if there are two-person firms, because the number of lawyers is almost always smaller. However, if it is a firm with many lawyers, then the corporation should be ready to compensate them for their services.
A law firm will also need to make sure that there is a good balance between the amount paid to attorneys and those paid out to employees. The latter includes such things as retirement packages, benefits and even bonuses that are given to employees. While they are not covered under the law, these bonuses can still be given to employees who have worked for the corporation for a long time. This will ensure that a good percentage of the corporation's income stays within the legal walls of the office and ensures that a corporate attorney's salary does not exceed the law firm's revenue.
An important thing to note is that a law firm must be able to afford a high amount of legal assistance. If a law firm is not capable of paying for their own legal team, then it may be hard for the firm to afford its clients' legal fees. To do this, the firm needs to make sure that the employees they employ are able to cover the costs of legal aid.
There are several ways to determine whether or not a law firm is capable of paying for its own legal aid. The first one is by looking at the amount of legal fees, the firm has to pay each month. The second is to look at the average number of employees it employs.
A third thing, a firm can do is to see if it uses a cost-reimbursable legal aid program, where the law firm can get access to legal help from other organizations or sources like insurance companies and government agencies that offer legal support. By doing this, the law firm can be assured that they can easily cover their legal costs. Since this is . . . . . . a matter of public record, this should be done as soon as possible.