Tim Corcoran is a keynote speaker, author, legal commentator, and the Principal of Corcoran Consulting Group.

Tim is also a Trustee and Fellow of the College of Law Practice Management, former President of the Legal Marketing Association and a member of its Hall of Fame, an American Lawyer Research Fellow, a Teaching Fellow at the Australian College of Law's Master in Legal Business program, and a frequent presenter at lawyer retreats and legal conferences.

Tim's mission is to guide law firms and leaders through the profitable disruption of outdated business models — including compensation. With over two decades as a senior corporate executive and a deep understanding of the psychology and economics of change, he knows how to navigate challenging discussions masterfully using actionable advice.

In this episode…

Many compensation models were put into place generations ago — and haven't been updated since. Why is it so important to adjust your compensation plan with the evolving industry, and how can you transition?

The market is changing, forcing law firms of all sizes to demonstrate their expertise in order to sell against steeper competition. Nowadays, compensation should be based more on an individual's skillsets and contributions — rather than seniority. Although a compensation model is not a one-size-fits-all approach, your firm should be looking to reward innovation and talented employees who are winning more work for the company. Fortunately, Tim Corcoran says adjusting a compensation plan is not as complicated as you might think.

In this episode of The Lawyer's Edge Podcast, Elise Holtzman is joined by Tim Corcoran, Principal at Corcoran Consulting Group, to talk about the best ways your firm can update its compensation model. Tim discusses the outdated compensation methods — and why it's important to evolve with the market, changes that impact how law firms should compensate, and where to begin when looking to update your model.