Here is a piece from Above The Law that includes information about a law firm incentive program and the sentiments of a law firm leader about restructuring his boutique law firm to avoid the pitfalls of Big Law. He says it very well.
“Our incentive program originated from the dissatisfaction with the class system, and the focus on billable hour requirements in Big Law. We want people to have skin in the game, which makes them more invested in the firm and their overall success and career.
A lot of people are realizing that money doesn’t buy happiness. It’s about sharing purpose, learning and growing professionally, and participating in work that challenges you. And life outside of work is important too, because a happy life means being on your game at work.“
— Ryan Tyz, founder of Tyz Law Group, a Northern California-based litigation and intellectual property boutique, commenting on why his firm has moved away from the “broken” Biglaw model to carve out its own path. Tyz has adopted a profit-sharing model where attorneys will be eligible to receive compensation based on the firm’s month-to-month successes.
And, yes, I do understand the difference between boutique law firms and Big Law. But I believe that the sentiments expressed by this law firm leader have broader application than just large law firms.
At least I hope so. Only time will tell whether and when the wisdom expressed above will seep into the culture of Big Law. For the sake of all young lawyer, I hope the answers are yes and soon.