By Amazing Firms, Amazing Practices, Gerry Riskin.
This clever animation may reinforce Dan Pink's message from his new book Drive.
Compensation has been the tool of choice in law firms to reward good performance, punish the absence of it and drive change.
You will not want to believe what you are about to hear and see… ask yourself why?
If you are enlightened, gather your management team and start thinking about how to harness the learnings to create peak performance and lower turnover in your firm.
By Amazing Firms, Amazing Practices, Gerry Riskin.
I believe in capitalism and free enterprise. I have a business degree before law. My practicing years were spent helping clients increase their profits… managing partner years helping my partners increase theirs. You'll get no socialistic psychobabble from me.
I encourage you to assimilate the compelling evidence that increasing compensation in the hope of enhancing performance actually backfires. Law firm leaders need to understand when money motivates and when it does not. In fact, "too much" money demotivates. Get an introduction to the science that supports this hypothesis in the Ted Talk below.
Once the basic compensation is right, there are better ways to motivate. If not money, then what? According to Dan Pink, the presenter in this Ted Talk, the three motivating elements for those who work with complexity, like lawyers, are:
Autonomy
Mastery
Purpose
PUNCHLINE: Investing 18 minutes and 40 seconds may start you on the path to leading your firm to legendary performance, your lawyers staff and clients to legendary satisfaction and, last but not least, your firm to legendary profits.
By Amazing Firms, Amazing Practices, Gerry Riskin.
PUNCHLINE: If Social Media matters, then it matters to law firms because everything that matters to society in general must matter to law firms sooner or later. Watch this and make your own decision.
Top 10 recipients of associates' seal of approval:
