There is a constant topic of conversation both inside firms and at almost every conference. It is the age old question of partner comp and “how do you do it”. As our firm grew, we evolved from everyone is even, to the slip of paper approach, to a more goal driven, performance based system. Every firm is a little bit different but the issues surrounding how you split the pie are pretty consistent.
How you choose to solve the partner comp question in your firm depends on a number of things including size, number of partners, where you are on the firm age/evolution spectrum, etc. There is a movement to more performance and goal driven systems even in smaller practices, and moving away from the “we’re all the same”. We all know that the reality is that we’re not.
I have developed a one page checklist tool on Partner Comp to help get you thinking and hopefully to review your current process.