talent & career development

how firms are balancing base salaries against billable hours.

by bill reeb and dominic cingoranelli

the managing partner should have a compensation plan unique to that position focused on carrying out the strategic and tactical objectives of the firm.

more on performance management: how to elect a managing partner … and how to fire them | why accountability falls to managing partners | how to implement strategy, step by step | how to decide who decides pay | accountability includes partners | succession plan requirements | how retired partners are robbing their own firms | 4 ways to create more capacity | partner retirement and the war for clients | succession: the questions to care about | hazards of not reallocating equity

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while there can be some individual performance goals assessed, the bulk of the managing partner’s incentive package and focus should be on overall firm performance. the key here is that you don’t want an incentive system for the managing partner that is overly focused on individual goals because the real value of this position is in driving firmwide change.
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and why a five-year term is ideal.

by bill reeb and dominic cingoranelli

often, firms elect a managing partner with a majority vote, but to dismiss a managing partner within their elected term requires a higher vote, commonly two-thirds of the equity vote. in some larger firms, the people running for managing partner might not be eligible to vote in this process, but in many others, everyone can vote.

more on performance management: the job of managing partner: empowered or emasculated? | how the best managing partners turn ideas into reality | make accountability a process | accountability requires clear expectations | base retirement on today’s operations | how involved should retired owners be? | how to find a partner’s replacement

the reason why everyone should be allowed to vote is simply that the smaller the firm, the more likely that removing the candidates being considered for the position puts too much control in the minority ownership of the firm. for example, consider the following six-partner firm scenario:
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