Aligning partner remuneration with strategy
The attached PDF is of a chapter that Rob Millard wrote for an IBA-sponsored book on law firm partner remuneration, published in August 2016.
Essentially, I argue that to keep the talent that you need you have to pay them what the market dictates they are worth. In other words, what another law firm looking to attract them away from yours would pay for them. Beyond that, one needs to ensure that the way that one measures partner performance, in professional service firms with performance-driven remuneration schemes, aligns with the behaviour that is required to execute the firm’s strategy.
