Podcast Guest

Associate bonus compensation is vital in retaining top talent at your law firm and motivating your employees. In order to create a bonus incentive plan, however, you need to have an answer to three specific questions: 1. What does your business need? 2. What will motivate your associates? 3. What is your M.V.P.?In this episode, we discuss: -The 3 questions to start the process of configuring the bonus compensation plan.-Try to create parity between what’s expected and what’s delivered.-How much should be going to the base compensation based on the market.-Be sure what will motivate your associates so you can create the right incentive plan.What you are going to create in the future so you have the balance of your profit and your expenses in appropriate ratios——————————————————————————Content:00:00 – Intro03:29 – What Does Your Business Need?08:12 – Growth Strategies That Generate leads In A Law Firm12:54 – What Will Motivate Your Associates?16:52 – People Are Motivated By More Than Money22:40 – What Is Your M.V.P.?27:02 – OutroSnip-Its00:16:57 (36 Seconds) As your company grows, you might not want to differentiate the types of benefits that you give from person to person, but you might, right? You might want to have a structured bonus plan whereby people get to elect at the beginning of the year what bonus they’re going to be pursuing. You can build out your entire budget around if a person hits a budget, a goal so that they are entitled to bonus compensation that it’s already paid for by virtue of you starting at the beginning of the year, setting aside the funds that are going to be necessary for that. But the worst thing that you can do is presuppose that the only thing people care about is money.——————————————————————————Subscribe To The ShowYouTube: https://www.youtube.com/c/LawFirmMentor?sub_confirmation=1Apple Podcasts: https://podcasts.apple.com/us/podcast/crushing-chaos-with-law-firm-mentor-podcast/id1497474051Spotify: https://open.spotify.com/show/2SFR79N9zX5IaxMxft5LqvStitcher: https://www.stitcher.com/show/crushing-chaos-with-law-firm-mentor-podcast——————————————————————————Connect With Allison C. Williams, Esq.Website: https://www.lawfirmmentor.net/contact?hsLang=enFacebook: https://www.facebook.com/LawFirmMentor/Twitter: https://twitter.com/law_firm_mentor?lang=en-GBInstagram: https://www.instagram.com/law_firm_mentor/LInkedIn: https://www.linkedin.com/company/69065114/admin/——————————————————————————-Speak With A Law Firm Mentor Growth Strategist Today: https://www.lawfirmmentor.net/speak-with-a-growth-strategist?hsLang=en——————————————————————————–Join One Of Our Many Courses At Law Firm Mentor:More Money, More Free Time: https://www.lawfirmmentor.net/more-money-more-free-time-package?hsLang=enLaw Firm Mentor Accelerator: https://www.lawfirmmentor.net/accelerator?hsLang=enIntake Mastery: https://www.lawfirmmentor.net/intake-mastery?hsLang=enLegal Sales For Attorneys And Non-Attorneys: https://www.lawfirmmentor.net/legal-sales-course?hsLang=en——————————————————————————-We Have All The FREE Law Firm Resources You Could Ever Ask For:Download the Law Firm Culture Scorecard: https://www.lawfirmmentor.net/culture-scorecard?hsCtaTracking=7bb7c4f2-b7e1-4981-8f3d-50d571f93f44%7Cee7f6a9a-958a-4dc3-b6f4-f85f13b5e079Download the Personified Client Avatar Worksheet: https://www.lawfirmmentor.net/avatar?hsCtaTracking=4f04cd2c-6759-4dfb-a6ab-a5433be2db8c%7C8e5d4bf4-aa3d-4568-89a4-40a9ae632f18#LawFirmMentor #AllisonCWilliams #CrushingChaosPodcast