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
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