Firms Urged To Go Beyond Pep And Adopt Quality And Risk Performance Measures
Giles Rubens quoted Legal Futures
Large law firms need to embrace new ways to measure firm and partner performance as traditional methods – such as profits per equity partner – “can be irrelevant, encourage inappropriate behaviours, discourage innovation and tend to be short term in focus”, a leading law firm consultant has advised.
Giles Rubens, a principal at Fairfax Associates, said firms need both to improve the commonly used current metrics – which are largely concerned with operational management – and introduce new metrics “with a longer-term focus and which measure progress on key strategic priorities”.