There are many ways of dealing with the dual challenges of under rewarded high flyers and over rewarded under performers. Making sure that reward and performance systems are right is critical to the growth strategy of a firm.
In the first webinar of the Professional Practices Alliance Growth Strategy Webinar series, Chair Zulon Begum, (CM Murray LLP) and expert panel, Beth Hale (CM Murray LLP), David Shufflebotham (Pep Up Consulting) and Corinne Staves, (Maurice Turnor Gardner LLP), share their experiences and top tips for dealing with under-rewarded high flyers and over-rewarded under-performers. The webinar discusses:
- Partner performance management and remuneration systems
- The practical steps to dealing with these issues in the short to medium term
- Structural issues that may need to be addressed in the medium to long term
- The culture of a firm and how this may affect partner performance
Three key factors firms need to consider when dealing with partner performance management are:
- Putting in place structures to identify performance issues
- How adapting partnership documentation and profit allocation systems might help
- The culture of the firm and other factors that may influence partner performance
Identifying issues: It is important for partner performance to be evidenced and well documented. Firms should also ensure that decisions are data driven.
Partnership documentation: Firms should consider adapting their constitutional documentation to ensure there is a clear framework in relation to renumeration provisions to help firms achieve their objectives, while also retaining flexibility.
Culture: It is important for firms to have a remuneration and reward framework in place which is aligned with the culture of the firm.
If you have any questions arising from this recording or would like to discuss Partner Performance Management and Remuneration Systems; Under-Rewarded High-Flyers and Over-Rewarded Under-Performers or for any other partnership law issues, please contact Partner Zulon Begum or Managing Partner Clare Murray.
The Professional Practices Alliance is a multi-disciplinary collaboration between leading UK independent legal, accounting and law firm management specialist advisers, CM Murray LLP, Maurice Turnor Gardner LLP, Pep Up Consulting and Cambridge Strategy Group.
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