Many firms have tweaked their compensation system but have not been able deal with the various cultural and political issues and systematically redesign the system. Failure to explore alternatives to inadequate systems can result in partner dissatisfaction leading to partner defections and disintegration of the firm. Law firms need a partner compensation system that is aligned with the firm’s business strategies, culture and personality, and competencies. The system should reward performance and contribution and other behaviors that the firm desires to reinforce. It should be perceived as fair by the partners in the firm.
We assist the firm conduct a cultural assessment and financial review, generate a series of partner compensation system scenarios, provide the firm with a subsequent report and presentation of findings and recommendations and help the firm implement the recommended system. Specifically, we: