Partner Compensation Systems

Partner Compensation Systems

Partner compensation can be an important driver of law firm strategy and financial success. The structure and process of a firm’s partner compensation system should promote stability, enhance collaboration and client development, and give the partners a sense that their efforts and contributions are being fairly measured and rewarded. In short, the best compensation systems involve predictable consequences for behaviors that either advance or hinder a firm’s strategic objectives. Our advice is based on long-term insights into the market and experience in assessing the consequences that attend shifts in a firm’s compensation system. We aim to assist in developing a system that is customized to fit a firm’s culture and focus behaviors on advancing its key objectives. Let’s be very clear: This is a risky endeavor. Changing partner compensation systems can save—or ruin—a partnership. These projects are exercises in building consensus and winning approval for the future. We know, because one of us (Jim Pagliaro) has led such efforts from the inside. With sensitivity to your partners and hard-won discipline, we can help you build a better way.

 

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