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If partner compensation is not aligned with your mission and strategy, your firm’s partner compensation system becomes your mission and strategy.
In a highly active market for senior legal talent, offering competitive compensation is important — but aligning compensation and business strategy is critical. With deep experience in leading and advising law firms, Calibrate can help you craft a partner compensation model tailored to your firm’s goals.
Getting the Model Right
The interaction of many factors drives the selection of a partner compensation model: from firm history and culture, to market competitiveness, growth appetite and tolerance for risk. Calibrate can help you build the right model for your firm:
- Understand competitive and market factors driving compensation
- Determine overall compensation philosophy: e.g., individual vs. team; delivery vs. growth
- Align incentives to drive the desired behaviours
- Understand non-financial motivators
- Establish Compensation Committee structure and norms
- Document compensation policies and processes
Partner Compensation: Put It In Writing
Make sure your law firm’s partner compensation policies have been captured in writing and are in sync with your strategy, values and the marketplace – especially if transformative changes are being contemplated, says Calibrate’s David S. Schaefer.