Introducing POD Rewards
We've launched a brand new Pirical On Demand (POD) content module for Rewards teams at law firms! Our latest people analytics tool helps you make smarter and fairer compensation decisions.
The need to adopt a data-driven approach to compensation has become even more important as the legal sector reacts to global market changes like high inflation and a looming recession. Factor in the ever-changing pay expectations of employees, then live compensation data is vital to staying up-to-date with salary trends and making sure your pay is competitive enough to attract the best talent and boost employee retention. Maximise your compensation budget with POD Rewards by understanding where best to allocate pay raises and bonuses.
Benchmark Law Firm Salaries
How competitive is your compensation?
POD is the most up-to-date source for legal salary data, helping you stay ahead of a highly competitive market. Review your salary ranges and benchmark bonuses against the market for fee earners or business services, with granular role, office, and department combinations. Simpler and more accurate than filling in salary surveys: POD uses live HR data direct from your peer firms' HR & payroll systems.
Should your firm open up an office in a new city, you can now get a sense of what other firms in the area are paying their employees. Breaking salary data down by role and location gives you the ability to accurately set salaries of new hires based on the market average.
Use POD Rewards salary trends to support increases to compensation budgets and stay competitive across the departments and locations you operate within.
Track Salary Changes Over Time
Are you matching the market salary position?
Understand your historical position against the market, alongside inflation and market changes data. This analysis contains predictive modeling that allows you to instantly apply market alignment scenarios and easily calculate the cost to achieve them. "My team spends weeks doing modelling in spreadsheets. Now they can do it at the click of a button!" - Head of Rewards at an international law firm.
Use this monthly refreshed data to plan salary budgets for the following year with precision.
Starting salaries of NQ employees saw a rapid increase across the whole market in 2022, drastically affecting overall costs for law firms. With our historic market insights you can track major changes and better plan for the future.
Calculate Accurate Salary Raises
Our People Extract tool is the smarter and fairer way to calculate pay recommendations within law firms. Extract compensation and performance data for each individual then compare them against the market for their granular role and location. Build up a complete picture of an individual's value to the firm and reference all the performance metrics you need to justify pay decisions & bonuses.
Avoid the long and painful process of gathering all the information needed for pay reviews from multiple sources. This analysis effortlessly extracts complex compensation, finance and HR data. Contains all the information needed in one place: current salary, last raise, market median, compa-ratio, utilization, billed hours, revenues realized, salary multiplier and more!
And More Very Soon…
We are always adding new analyses and everything we build is designed with our clients’ needs in mind. As we continue to add more content to POD Rewards we’d love to hear your thoughts and suggestions.
What is Pirical On Demand?
Pirical's people analytics software equips law firms with the HR, rewards and diversity data they need to make smarter and fairer people decisions.
HR data is messy, hard to analyze and difficult to distribute to people leaders. With Pirical On Demand, it's a lot easier for people leaders to get value out of it, without the need for an army of analysts and engineers. With Pirical, you can save time, get people engaged and take a more sophisticated, data-driven approach.
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