How Partner Compensation Can Support Strategic Goals And Economic Objectives

For many firms, partner compensation has long been managed in isolation from the firm’s overall business strategy, which is primarily focused on external factors, such as markets and clients. But, by aligning compensation models with strategic objectives, firms will be far better equipped to achieve their goals. Nick suggests four main ways in which a Compensation and Rewards System can support the firm’s strategic direction and goals. Read Article  Download Article
More

Fleshing out Partner Roles and Responsibilities

A couple of years ago I posted quite a long piece on my blog entitled “Partner Roles and Responsibilities”. I suggested some methodologies for a firm to follow in order first to clarify what the firm expects of its partners and then to define what roles and responsibilities it needs them to perform. I also set out six fairly typical “Critical Areas of Performance” often seen in law firms. These were:- Financial and Business Performance, People Management, Leadership and Teams/Skills Development Business Development Client Relationship Management Contribution to the Firm as an In...
More

Anticipating Scandal, Randomness and Unlikely Disasters in Law Firms

Anticipating Scandal, Randomness and Unlikely Disasters in Law Firms By Nick Jarrett-Kerr This article first appeared in Law Business review December 2011 Scandals such as the News International hacking incident are timely reminders that organizations can be brought to their knees by events which are highly improbable, often totally unpredictable but – if they happen – potentially catastrophic.  At a simple level, such events often (but not always) involve ethical breaches and emphasise the need to keep careful track of what is going on inside the organisation.   At a deeper level, however,...
More

Linking Partner Targets To Profit Shares

The issues of partner performance and rewards are rising on law firm agendas, especially with the impact of new age discrimination legislation. Law firm leaders talk a good game about how the firm ‘rewards what it values, and values what it rewards’ but in reality many firms give scant regard to anything except seniority and billing. Nick suggests ways in which law firms can get the best out of partners across all areas of the firm by setting the right targets and sharing profits based on the achievement of those targets. Read Article  Download Article
More

How Partner Compensation Can Support Strategic Goals And Economic Objectives

For many firms, partner compensation has long been managed in isolation from the firm’s overall business strategy, which is primarily focused on external factors, such as markets and clients. But, by aligning compensation models with strategic objectives, firms will be far better equipped to achieve their goals. Nick suggests four main ways in which a Compensation and Rewards System can support the firm’s strategic direction and goals. Read Article  Download Article
More

Leadership For The Long Haul

The ‘First 100 Days’ for any managing partner may be challenging but life tends to get even harder during ensuing periods in office. Managing partners often find that they have been selected or elected with a mandate to deal with short term problems which need no more than competent administrative skills to solve. After their initial honeymoon period, they then need to develop leadership skills to succeed in taking the firm further forward and to deal with resurfacing longer term issues. This article helps leaders to focus on leadership skills for the long haul and to convert from well-paid ad...
More