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Lockstep Compensation
Lockstep compensation is a system of remuneration in which employees' Salary, salaries are based purely on their seniority within the organization. For example, in the legal profession, where this system is most commonly found, all law school graduates hired by a law firm who graduated in the same year receive the same base pay regardless of background, experience, or ability. These associates will also receive automatic annual pay raises, bonuses, and promotions. Alternatively, some law firms implement a lockstep compensation system starting with business partner, partners or partner-track associate attorney, associates. During the late-2000s financial crisis, some law firms began replacing the lockstep system with "merit-based" systems. Proponents of the system have argued that lockstep compensation promotes loyalty, discourages intra-office competition, reduces the need for perpetual performance assessment, and provides for more flexible work structures. These benefits, however, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Remuneration
Remuneration is the pay or other financial compensation provided in exchange for an employee's ''services performed'' (not to be confused with giving (away), or donating, or the act of providing to). A number of complementary benefits in addition to pay are increasingly popular remuneration mechanisms. Remuneration is one component of reward management. In the UK it can also refer to the automatic division of profits attributable to members in a Limited Liability Partnership (LLP). Types Remuneration can include: * Commission *Employee benefits *Employee stock ownership *Executive compensation ** Deferred compensation *Salary **Performance-linked incentives *Wage * Mandatory compensation payable by an employer to an employee for the benefit obtained from a patent for an invention made by an employee United States For wage withholding purposes under U.S. income tax law, the term "wage" means remuneration (with certain exceptions) for services performed by an employee for an empl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Salary
A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis. From the point of view of running a business, salary can also be viewed as the cost of acquiring and retaining human resources for running operations, and is then termed personnel expense or salary expense. In accounting, salaries are recorded in payroll accounts. Salary is a fixed amount of money or compensation paid to an employee by an employer in return for work performed. Salary is commonly paid in fixed intervals, for example, monthly payments of one-twelfth of the annual salary. Salary is typically determined by comparing market pay rates for people performing similar work in similar industries in the same region. Salary is also determined by leveling the pay rates and salary ranges established by an individual employer. Salary is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Seniority
Seniority is the state of being older or placed in a higher position of status relative to another individual, group, or organization. For example, one employee may be senior to another either by role or rank (such as a CEO vice a manager), or by having more years served within the organization (such as one peer being accorded greater status over another due to amount of time in). The term "seniority" can apply to either concept or both concurrently. In armed forces In some military command structures, the length of time someone has held a particular rank is called "seniority in grade" and determines whether that person is senior to another person of the same rank. For instance, a captain who was promoted five years ago can give orders to a captain who was promoted three years ago. In politics Seniority in United States politics, when used out of context, is informally defined as the number of years one member of a group has been a part of the group. As of March 2022, H ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Profession
Legal profession is a profession in which legal professionals study, develop and apply law. Usually, there is a requirement for someone choosing a career in law to first obtain a law degree or some other form of legal education. It is difficult to generalize about the structure of the profession, because * there are two major legal systems, and even within them, there are different arrangements in jurisdictions, and * terminology varies greatly. While in civil law countries there are usually distinct clearly defined career paths in law, such as judge, in common law jurisdictions there tends to be one legal profession, and it is not uncommon, for instance, that a requirement for a judge is several years of practising law privately. Judge Historically, this has been the first legal specialization. In civil law countries, this is often a lifelong career. In common law legal system, on the other hand, judges are recruited from practising lawyers. Lawyer, advocate, attorney ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law School
A law school (also known as a law centre or college of law) is an institution specializing in legal education, usually involved as part of a process for becoming a lawyer within a given jurisdiction. Law degrees Argentina In Argentina, lawyers-to-be need to obtain an undergraduate degree in law in order to practice the profession, as opposed to the US system in which a law degree is not obtained until successfully completing a postgraduate program. In spite of that, it is customary to call Argentine lawyers 'doctors,' although the vast majority of them do not hold a Juris Doctor degree. The reason lies in that the career was originally called 'Doctorate in Laws' (''Doctorado en Leyes''), which was an undergraduate degree. There were no graduate studies available in the country at the time of its creation, and they would be instituted only in 1949. After the university reform of 1918 the career was renamed ' Attorney'. It is 5–6 years long, some universities also offeri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Firm
A law firm is a business entity formed by one or more lawyers to engage in the practice of law. The primary service rendered by a law firm is to advise clients (individuals or corporations) about their legal rights and responsibilities, and to represent clients in civil or criminal cases, business transactions, and other matters in which legal advice and other assistance are sought. Arrangements Law firms are organized in a variety of ways, depending on the jurisdiction in which the firm practices. Common arrangements include: * Sole proprietorship, in which the attorney ''is'' the law firm and is responsible for all profit, loss and liability; * General partnership, in which all the attorneys who are members of the firm share ownership, profits and liabilities; * Professional corporations, which issue stock to the attorneys in a fashion similar to that of a business corporation; * Limited liability company, in which the attorney-owners are called "members" but are not direct ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Partner
A business partner is a commercial entity with which another commercial entity has some form of alliance. This relationship may be a contractual, exclusive bond in which both entities commit not to ally with third parties. Alternatively, it may be a very loose arrangement designed largely to impress customers and competitors with the size of the network that the business partners belong to. Partnership formation A business partner or alliance can be crucial for businesses. However, businesses can not choose business partners, called business mating, in any way they want. In many instances, the potential partner might not be interested in forming a business relationship. It is important that both sides of the agreement complement each other and have some common ground, for example in management style, mindset, and technology. If, for example, management style would be to different between the firms, then a partnership could be problematic. Kask and Linton (2013) investigate under ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Associate Attorney
An associate attorney is a lawyer and an employee of a law firm who does not hold an ownership interest as a partner. Types Practicing attorney An associate may be a junior or senior attorney, but normally does not hold an ownership interest in the firm even if associated with the firm for many years. First-year associates are entry-level junior attorneys and are generally recent law school graduates in their first year of law practice. Generally, an associate has the goal of being made a partner in the firm, after a number of years gaining practice experience and being assigned to increasingly important and remunerative tasks. At firms with an "up or out" policy, associates who are repeatedly passed over for promotion to partner may be asked to resign. Some firms will also have "non-partner-track" associates who, though performing satisfactorily as employees, for whatever reason, will not be promoted to partner. Junior attorneys were formerly called "law clerks"; the term "assoc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ABA Journal
The ''ABA Journal'' (since 1984, formerly ''American Bar Association Journal'', 1915–1983, evolved from '' Annual Bulletin'', 1908–1914) is a monthly legal trade magazine and the flagship publication of the American Bar Association. It is now complemented online by a full-featured website, abajournal.com and its various e-newsletters and apps. History Bulletin In 1908, the ''Annual Bulletin'' was founded by the Comparative Law Bureau (1907–1933) of the American Bar Association. The first comparative law journal in the U.S., it surveyed foreign legislation and legal literature. Circulated to all ABA members, it ran from 1908 to 1914 and was absorbed in 1915 by the ABA's newly formed ''Journal''. Journal In 1915, the ''American Bar Association Journal'' (abbreviated ''Am. Bar Assoc. j.'') was founded as a quarterly magazine. Published by the ABA, it ran under this title from January 1915 to December 1983, for volume 1 to 69. Quarterly from 1915 to 1920LOC, "American Bar As ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Bar Association
The American Bar Association (ABA) is a voluntary bar association of lawyers and law students, which is not specific to any jurisdiction in the United States. Founded in 1878, the ABA's most important stated activities are the setting of academic standards for law schools, and the formulation of model ethical codes related to the legal profession. As of fiscal year 2017, the ABA had 194,000 dues-paying members, constituting approximately 14.4% of American attorneys. In 1979, half of all lawyers in the U.S. were members of the ABA. The organization's national headquarters are in Chicago, Illinois, and it also maintains a significant branch office in Washington, D.C. History The ABA was founded on August 21, 1878, in Saratoga Springs, New York, by 75 lawyers from 20 states and the District of Columbia. According to the ABA website: The purpose of the original organization, as set forth in its first constitution, was "the advancement of the science of jurisprudence, the pro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dewey & LeBoeuf
Dewey & LeBoeuf LLP was a global law firm headquartered in New York City, United States. Some of the firm's leaders were indicted for fraud for their role in allegedly cooking the company's books to obtain loans while hiding the firm's financial plight. The firm was formed in 2007 through the merger of Dewey Ballantine and LeBoeuf, Lamb, Greene & MacRae. Dewey & LeBoeuf was known for its corporate, insurance, litigation, tax, and restructuring practices. At the time of its bankruptcy filing, it employed over 1,000 lawyers in 26 offices around the world. In 2012, the firm's financial difficulties and indebtedness became public. In the same period, many partners departed, and the Manhattan District Attorney's office began to investigate alleged false statements by firm chairman Steven Davis. As a result of these difficulties, Dewey & LeBoeuf filed for bankruptcy in New York on May 28, 2012. On March 6, 2014, the former chairman, chief financial officer, and the executive director ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
