Mintz, a prominent law firm, recently introduced a new system that rewards lawyers who bring in business. This policy caps the credit for originating partners at 75%, with the remaining 25% being shared among other team members. The aim is to create incentives for attorneys to work together and build client relationships.
The new policy has been met with approval from the firm’s partners, many of whom are women and people of color. According to data from the National Association for Law Placement, the number of female partners had risen to 26% in 2015, while 11% were people of color.
Tom Sharbaugh, a professor at Penn State Law and former managing partner of operations at Morgan, Lewis & Bockius, noted that the policy could be difficult for some partners to accept. He explained that because many lawyers are now free agents, sharing “their” clients with other attorneys in different practice groups can be challenging.
Mintz’s managing partner, Robert Bodian, felt differently. He was one of the top 10 partners with the most origination credit and knew that if his colleagues worked together, it would increase profits for everyone.
Bodian’s plan has been successful – according to financial statistics from the firm, 74% of Mintz’s top 250 clients are now being serviced by three or more practices, and 88% use at least two. Revenue and profits have risen by double digits each year since the policy was implemented in 2015.
In 2022, Mintz netted $691 million, and partners took home an average of $1.3 million – a substantial increase from the previous year’s figures. Other law firms have been inquiring about the system, making it clear that borrowing ideas from one another can lead to positive results.
Mintz’s policy is an excellent example of how law firms can work together to improve their businesses and better serve their clients. It also shows that everyone wins when all parties are willing to cooperate and share credit. Bodian’s success inspires other firms looking to create a more equitable and prosperous future.
By listening to one another and working together, law firms can reach new heights in revenue and profits. It’s a dynamic that all legal professionals should strive for to ensure their firm’s success.
Overall, Mintz’s policy is a great example of how collaboration between attorneys and firms can lead to greater success, both financially and professionally. It promotes an atmosphere of trust, cooperation, and equity, allowing everyone to come ahead. And although the system may be difficult for some partners to swallow at first, it is something that more firms should consider if they want to remain competitive in the legal industry.
REFERENCES:
How Mintz revamped rainmaker pay