OVERVIEW

Is your partner compensation plan good for the partner or good for the partnership?

To know whether it’s good for both (or worse, good for neither!), you should be able to answers these fundamental questions:

• How well do your firm’s partners understand the link between their behaviors and the corresponding rewards or penalties?

• How does your plan drive, not just reward, the desirable and profitable behaviors consistent with the long-term interests of the firm?

• How well does the plan manage partner expectations and reduce perceptions of inequity?

• How does your plan reward profitability, which is how partners are paid, vs. productivity, which is how partners spend their time?

Rainmakers lament carrying service partners. Highly sought-after service partners expect rainmakers to share credit. Mid-level partners on the rise resent subsidizing the declining productivity of senior partners. Senior partners hold tightly to origination credits, crowding out future stars and laterals… the list goes on.

Firm leaders face constant uncertainty over which factions of the firm to appease, knowing that choosing poorly can lead to partner defections or calls for governance changes.

All partners expect to be rewarded well based on whatever contribution positions them in the best light.

However, not every contribution has equal economic value. Some valuable contributions aren’t easily measured, while some easily measured contributions don’t have much value. In some firms, partners refuse to measure certain contributions to avoid the potential toxicity of an eat-what-you-kill culture. Yet, in some firms where performance metrics are commonplace, a culture of collaboration and sharing thrives.

This highly interactive workshop – facilitated by Tim Corcoran, Principal, Corcoran Consulting Group, LLC – is designed for compensation and management committees addressing some of the most pressing compensation-related challenges facing law firm leaders today.

The discussion will address both the economics and the psychology of compensation, delving into what works in certain cultures, and why, and what alternatives might be better for other cultures, and why.

The discussion of challenges, solutions, and roadmaps will be informed by the experience of other firm leaders in attendance.

Duration: 4 Hours

Style:  Online Virtual Workshop

Date: December 6th

Time: 10:00 AM US EST - 2:00PM US EST

For more details on content modules and to register, visit the registration page here.