One of your high-performing associates is about to enter her fifth year at the firm. She has asked for a meeting to discuss the firm’s path to partnership. Your partners recently had a meeting about “keeping the keepers” so you want to be ready. Here are five questions you may have to answer.
The last twenty years or so have seen considerable debate about the most suitable method of compensating and rewarding professional service firm partners and members.
We all hope the tide will come back shortly after reopening. A candid review of your crisis response and tweaks to your compensation will demonstrate leadership and stability.
(Thank you to those who participated in this confidential survey into effective partner reviews, rewarding outlier performance and other important topics.)
The basketball rule that awards three points for a longer shot was a seen as a “circus shot” when first introduced in the NBA (1978). The shot did not become a significant game-changer for many years. Larry Bird would make about three attempts per game. Stephen Curry today makes ten or more attempts per game. […]
This article was originally published in the October 2014 issue of Edge International Communiqué. Collaboration-evaluation tools can help law firms improve teamwork outcomes Last month, in Part 1 of this article, I discussed how to measure external business development collaboration. I now discuss internal teamwork, and how to assess all collaboration factors in compensation. Internal […]
This article was originally published in the September 2014 issue of Edge International Communiqué. Collaboration-evaluation tools can help law firms improve teamwork outcomes A senior executive in a large U.S. law firm recently sent me a challenging question to which the partners wanted answers: “Is there any proof that collaboration and teamwork improve a law firm’s […]
Every few years, Edge International carries out a short global survey of partner compensation in law firms. It was very much the brainchild of our late and much-missed colleague Ed Wesemann, assisted by Nick Jarrett-Kerr. Over the last twelve years it has been interesting to track the trends across the world as firms have steadily […]
Three years ago in Communiqué, I wrote a two-part article on “Collaboration and Compensation.” Part I appeared in the September 2014 issue, and Part II in the October 2014 issue. Since that time, I have received several inquiries in compensation engagements about partner performance. The inquiries go beyond financial performance and general “team building” activities. Leaders want […]
Because of client pressure on fees, law firms are scrutinizing their profitability numbers more than ever. If the clients are right, firms are looking for new efficiencies, better project management and innovative staffing. But we see that law firm leaders are looking at profitability as “business lines” as well. Is this area of practice a […]