7 minute read
How a collaboration metric can drive the right behaviour.
What defines a Partner’s success? Traditionally, billable hours. It’s quantifiable, easy to understand and lends itself to ranking or comparison. However, rewarding Partners based on this metric alone creates a competitive, individualistic environment with short-term thinking on success and financial gain
Partner remuneration is a complex process for any law firm and one that firm leaders are often looking to improve.Here are five tips for fine-tuning your compensation review process to make partner remuneration less of a headache.
Streamline your remuneration process.
Partner remuneration is a complex process that goes to the heart of your business, and is subject to competing pressures from within and outside your firm. Download our white paper to find out how to ease your remuneration process and ensure that you’re driving the right behaviors.
Annual appraisals don't work. On some level, everyone in HR knows this.
Lawyers deserve better. Associates need to learn and grow. Partners need to align their goals with the firm's strategy. Everyone deserves good, timely feedback.
Download our guide to learn why a continuous feedback approach can deliver dramatic improvements. Learn:
- Why annual appraisals are ineffective
- The benefits of continuous feedback
- How to make it work
It's time to re-appraise appraisals and ObjectiveManager's white paper is a great place to start.
At ObjectiveManager, we have developed goal-setting software to help professional services firms and their people define strategy and improve performance through continuous feedback to power growth.
By simplifying the way firms conduct the entirety of their strategic planning from Sector/Client progammes to Partner Remuneration, we help them improve collaboration and optimise conditions for growth. Our innovative software turns individual gains into big business impact by making individual and firm-wide objectives visible, constant and actionable.
Pavlov taught us that feedback, both positive and negative, reinforces behaviour. Though positive feedback has a stronger impact on behaviour setting, it’s still important to address negative issues to stop bad behaviour before it causes damage.
The problem is that in the busy world of law firms, feedback often comes but once a year in the form of an annual appraisal. For strong personal development, this is simply not efficient for a number of reasons.
Collaboration is infamously difficult to foster in law firms. Lawyers are doggedly competitive and want to reap the full financial reward of their own intellectual and origination efforts.
Unfortunately, this works against the ambitions of the firms they are a part of. Today, individual expertise is effectively a commodity that clients can easily replace if they find another firm offering it at a better price.
It’s almost performance review season and, if you want to give better feedback, it may be time to forget traditional, numerical appraisals and management systems.
This is according to research by the NeuroLeadership Institute, who observe that more and more firms – including big names like Deloitte and Accenture – are moving away from ‘forced ranking’ and structured performance appraisal methods and embracing conversations focused on employee growth and development.