Partner Performance & Compensation
Clarity of roles and performance expectations and a well-constructed path of professional development are prerequisites for a successful partnership and practice. Changes in the operations and business models of firms, the rise in the use of performance pay systems, and a need to be increasingly systematic and rigorous in assessing performance, are all leading firms to develop a more structured approach to role definition and professional development paths. At the same time, fair, robust, and competitive compensation systems are essential to attract, motivate, and retain the professionals that a practice requires. A careful balance is required to maintain a sense of internal fairness while also recognizing the reality of the competitive recruitment market in which the firm operates. We work with firms to develop and implement effective models of compensation. Where appropriate, we assist firms in integrating their performance management and compensation systems. Our experience across different professions and jurisdictions provides us with a detailed knowledge of the various approaches to rewarding partners and other professionals. Our independence provides our clients with an objective perspective, both during the development of a new system and in its operation, and reassures partners that the system is fair in both principle and application.