For many firms, Partner performance is the thorniest of all issues. Even where profits are shared equally, there is always a measure of inequality about Partner’s relative contributions. And while Partner under-performance might generally grab the attention, over-performance can be just as problematic for the firm’s leadership.
Few firms have the ability to tackle under- or over-performance in a timely way without external, objective assistance. Helping define what is expected of Partners is usually my starting point, followed by gaining an understanding of the culture of the firm before helping the firm design the remuneration model that will work best for them, whether that be some form of ‘eat what you kill’, lockstep or equal shares, or one of the many hybrid forms that sit between the two extremes.
It doesn’t end there of course: when there’s a remuneration scheme in place, there’s usually a need for a ‘RemCom’ (Remuneration Committee), and an external chair or facilitator and, sadly, often an ‘appellate’ body or individual to resolve partner appeals against the RemCom’s award.
What the firm needs is someone who has ‘been there, done that’ and who has, like myself, worked with significant numbers of firms at this level, someone the firm can trust, someone truly independent and objective.
If you would like to discuss how I can help you and your firm, please e-mail nigel@haddonconsult.co.uk or telephone 07753 605236.
