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1、9 Legal Expert Perspectives on The Future of Bonuses&Profits at Law FirmsJornVanysackerCo-founder and Co-CEO,HenchmanHi there,In the ever-changing landscape of the legal industry,law firms face the constant challenge of attracting and retaining top talent while adapting to emerging trends and client

2、 demands.Weve written about the war for talent and about the billable hour before.But another crucial aspect in this delicate balancing act is culture,investments,and thus the distribution of bonuses and profit proceeds.The conventional business model of law firms,which has remained relatively uncha

3、nged over the past three decades,is under pressure:recent surveys indicate a decline in the number of aspiring lawyers willing to join top-tier firms,highlighting the need for law firms to question their approach.Moreover,modern technology such as generative AI is also putting pressure on the type o

4、f work law firms can charge for.As law firms strive to remain competitive,it becomes essential to explore the financial realities they face,the shifting expectations of aspiring lawyers,and the innovative strategies that can pave the way for a prosperous future.Talent enablement,(tech)investments,an

5、d incentives,such as bonuses,are an important part of this discussion.So lets examine the current state of these incentives and delve into their possible evolution in the coming years.What factors influence the structure of bonuses and profit distribution within law firms?Are there alternative metho

6、ds that could better motivate and reward legal professionals?Or does the current system still effectively serve its intended purpose and the clients?Weve asked 9 experts to share their views on the distribution of bonuses&profits at law firms,and most importantly,in which direction they think it sho