Firms use a wide variety of plans to allocate income to the partners. But are the plans effective? Are they fair? Are the partners happy with the plan?
We do extensive work with firms in the partner compensation area. Our approach is a blend of two techniques:
First, we show you alternative approaches, based upon our experience with other firms as well as what we think will work for your firm.
Second, we help the partner group develop a consensus for the type of plan they think is fair and would be comfortable with.
Here is how we work:
- We review your firm’s financial and production statistics.
- We conduct confidential interviews with each partner.
- We demonstrate alternative partner compensation models used by other firms.
- We recommend several plans for your firm to consider.
- We present our findings to the partner group.
- We facilitate a group discussion to select a plan.
- We conclude with a written report.
Marc’s insight for the profession, communicated through the Practice Management series, has proved to be an extremely valuable resource for our rapidly growing firm.
Bruce Jones, MP