As noted before in this blog, the past three months have been an unusually busy time for our firm's partner compensation practice. Law firm partners worldwide are asking whether their present partner compensation plans are still relevant to the changed business conditions and internal professional issues that many of their firms face.
Whether it is a simple lockstep or a complex formula, partner compensation plans are hard work. Once you have developed what appears to be a reasonable plan, it is sometimes even harder to sell the new plan to one's partners.
Here are some suggestions based on conversations that I have recently had with managing partners who are now trying to convince their partners to change, update, and, they hope, improve their compensation systems.
Read more on the Walker Clark Worldview Blog.