Law Firm Business Services

We Advise & Support Law Firms In Five Key Areas:

Strategic Planning • Succession Planning • Compensation Systems • Mergers/Acquisitions • Profitability & Financial Management

Our strategy and planning assistance can help your firm decide where it is going and develop a realistic plan for getting there.

Our recommendations utilize firm-specific research and analysis plus an in-depth understanding of the market economics and competitive landscape to provide as much insight as possible.

  • Strategic Planning
  • Mergers/Acquisitions
  • Succession Planning
  • Partner Compensation
  • Profitability and Financial Management

Partner Compensation Planning

Why hire us? Because we structure effective compensation systems. Partner compensation is one of the most controversial topics in law firm management. Our vast experience shows that partner compensation affects culture, working relationships among partners, and often sets the "tone" of the firm.

We work with firms to develop and implement effective models of compensation. Where appropriate, we assist firms in integrating their performance management and compensation systems. Our experience across different professions and jurisdictions provides us with a detailed knowledge of the various approaches to rewarding partners and other professionals. Our independence provides our clients with an objective perspective, both during the development of a new system and in its operation, and reassures partners that the system is fair in both principle and application.

When revising a compensation system or components of the system, we need to be cautious about what shareholders will be motivated to do. Understandably, the emphasis of the compensation system, and its administration, will ultimately determine the direction and culture the firm will take. For example, do we want to encourage business production, new business, hours, delegation to others, management, a combination, etc.?

We can help you ensure that your compensation decisions are internally equitable, externally competitive and incorporate the economic and non-economic performance factors driving your firm‘s strategic objectives.

Our partner compensation reviews include:

    • Assessing your current methodology
    • Aligning compensation decisions with firm strategy
    • Comparing your firm's compensation practices with peer firms
    • Assessing effectiveness of your compensation committee
    • Reviewing associate compensation and bonus programs
    • Compensating the unique partner (firm leaders, Uber business generators, laterals)
    • Following the money
    • Compensation programs for retiring partners

Developing a fair and competitive compensation program with Maxfield Peterson allows you to attract and retain the right lawyers. You will resolve compensation issues quickly and effectively before they develop into major problems that could destabilize your law firm.

Call us at 970-249-9074 for a free consultation to see how our law firm business services can benefit you and your firm.

Pete Peterson, CPA

Stephen M. Peterson is the Managing Director of the Law Firm Business Institute and a strategic senior consultant of Joel A. Rose & Associates.

Mr. Peterson has worked with a wide variety of closely held businesses and professional service firms, with over 25 years of management and consulting experience, including 10 years as the Chief Financial Officer and Director of Administration for a 240 attorney Minneapolis law firm and 3 years as the CFO for a 100 attorney Denver law firm.

He was also the Chief Operating Officer for an internationally renowned law firm consultancy. Mr. Peterson has written and lectured on a wide range of financial and management issues.

Mr. Peterson holds a ​B.S. in Accounting from Mankato State University, Mankato, Minnesota.

Maxfield Peterson

Grand Junction Office
751 Horizon Ct, Ste 102
Grand Junction, CO


Montrose Office
1203 North First Street
Montrose, Colorado


Ridgway Office
640 Sherman St. Suite D Ridgway, CO


Copyright 2021 by Maxfield • Peterson, P.C.