Stop Guessing on Pay: A Salary and Raise System for Your Law Firm (Ep. 170)
On this episode, host Darren Wurz discusses how to create a credible, transparent and effective salary and raise system for law firm owners. He also encourages law firm owners to start building their pay scales to foster a profitable and motivated team.
Darren discusses:
- How to decide what to pay your new hires.
- Dealing with the tension between paying too much or too little.
- Why law firm owners should avoid giving cost of living adjustments.
- How to adopt an open book management style.
- The pitfalls of relying solely on incentive plans?
- Why law firm deserve to be paid a fair market wage?
Resources:
- Profit First – Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz (Book)
- Simple Numbers, Straight Talk, Big Profits by Greg Crabtree (Book)
- Law Firm Profitability Assessment
- How to Calculate Your Law Firm Tax Reserve
Connect with Darren Wurz:
- Want to work with our team? Schedule an Intro Call
- The Lawyer Millionaire Website
- LinkedIn: Darren P. Wurz
- Join The Lawyer Millionaire® Community
- Don’t Miss a Thing! Subscribe to The Lawyer Millionaire® Email List
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