Even though some may want to focus on “fixing” partner compensation first, the last element of developing partner performance and accountability is rewarding performance. A properly designed and well-thought-out partner compensation system can drive desired behaviors and inspire your partner group to achieve high performance. Likewise, a poorly designed system will drive unwanted behaviors and discourage a one-firm culture.
In this session, we’ll explore an approach to compensation that rewards those who contribute to a unified strategy, including:
- The role of trust in any compensation plan and balancing the inherent self-interest of each partner with what’s right and fair for the group
- The potential cause-effect relationship between compensation and your firm’s buy/sell and governance models
- Transparency in determining partner compensation and the pros and cons of open and closed compensation systems
- The mechanics for structuring a fair, rewarding and understandable compensation plan
Apply these concepts to transform your partner compensation system, so it rewards partners for both individual and overall firm success!