International CoSourcing Group - Partner Compensation

•Partner compensation in law firms should be closely tied to the achievement of previously identified strategic goals that enhance the firm’s overall success.

In the past, partner compensation was driven “by the numbers” only. •In today’s challenging environment, partners need to develop new business, maintain old relationships, mentor associates and contribute to the firm’s reputation and administrative needs. •All of these contribution factors need to be identified, measured and rewarded by a firm’s compensation system.

The International CoSourcing Group 360 degree performance feedback system involves all partners in developing annual performance contracts with the firm. • These contracts are based upon the four to five distinct contribution roles that exist within all law firms and recognize each partner’s unique attributes. •

•The contracts detail how a partner will contribute (and be evaluated) to the firm’s strategic success in the coming year. • Each contract is linked to the firm’s overall strategic objectives and thereby enables firm management to direct partner efforts in a meaningful and beneficial manner.

At the conclusion of a performance year, the annual partner compensation discussion becomes the start of the next year’s performance contracting process with developmental needs identified during the review process addressed in the subsequent annual performance contract.

	April 12, 2006

Partner Compensation •Partner compensation in law firms should be closely tied to the achievement of previously identified strategic goals that enhance the firm’s overall success. In the past, partner compensation was driven “by the numbers” only. •In today’s challenging environment, partners need to develop new business, maintain old relationships, mentor associates and contribute to the firm’s reputation and administrative needs. •All of these contribution factors need to be identified, measured and rewarded by a firm’s compensation system. The International CoSourcing Group 360 degree performance feedback system involves all partners in developing annual performance contracts with the firm. • These contracts are based upon the four to five distinct contribution roles that exist within all law firms and recognize each partner’s unique attributes. • •The contracts detail how a partner will contribute (and be evaluated) to the firm’s strategic success in the coming year. • Each contract is linked to the firm’s overall strategic objectives and thereby enables firm management to direct partner efforts in a meaningful and beneficial manner. At the conclusion of a performance year, the annual partner compensation discussion becomes the start of the next year’s performance contracting process with developmental needs identified during the review process addressed in the subsequent annual performance contract.	LEGAL BUSINESS INSIGHT INTO:
	Strategic Cost Reduction
	Purchasing InSight Law Firm Evaluator Benchmarking Discovery Services OutSourcing / CoSourcing
	Strategy and Operations
	Strategy Development Financial Management Partner Compensation Mergers and Acquisitions

















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