By John Borrowman, CPC
Borrowman Baker, LLC, BV Staffing + Consulting
Some of the most commonly overheard conversations at BV conferences have to do with issues of employee compensation: What would it cost me to hire (fill in the blank)?
The 54-page Borrowman Baker BV Employee Salary Survey Report, released on May 28 to participating firms, provides a lot of answers to that, and the gamut of other compensation-related practice management questions.
These numbers are consistent with the professional advice Borrowman Baker clients have been receiving for the last nine years. It’s also probably not surprising that Owner/Partner/Shareholder discretion is the primary driver behind bonus decisions. In second place, though – and twice as important as any remaining factor – is the employee’s individual revenue production. Still, the survey results show that nearly 20% of participating firms do not have a formal employee performance review process.
BV related litigation assignments comprised, on average, just under 32% of firm revenue. Compliance related engagements accounted for another average 28% of revenue. While more firms reported revenue in transaction related than in compliance related engagements, on average that revenue was only 18% of total revenue.
Since the release survey participants have sent kudos and report they are already using the Borrowman Baker Salary Survey results as a key tool in their annual employee performance and compensation reviews. Some have already appreciated the value enough to purchase additional copies.
More information about the Borrowman Baker Salary Survey Report, and instructions on how to obtain your copies, can be found by going to www.BorrowmanBaker.com and clicking on Salary Survey.