Everything you need to know to manage partner contribution
A comprehensive handbook on how to manage, assess and reward partner contribution by Michael Roch and Ray D'Cruz.
A comprehensive handbook on how to manage, assess and reward partner contribution by Michael Roch and Ray D'Cruz.
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The Partner Remuneration Handbook is essential reading for leaders who want to align strategy, performance and reward, and light a path for future success. It is easy to read, yet full of insights. The Handbook offers lots of practical advice for implementing a balanced approach to performance and reward that takes into account strategic challenges and opportunities including smarter collaboration."
In this comprehensive handbook, authors Michael Roch and Ray D'Cruz provide guidance for senior and managing partners, partnership boards, remuneration committees and all others involved in the partner compensation and contribution process.
The handbook covers the design of effective profit-sharing systems, reaching fair reward decisions efficiently and implementing contribution management processes that motivate partners and align partners with firm strategy.
Michael and Ray have each been advising firms on partnership and performance issues for over 20 years. The handbook combines practical insights gained through their consulting work and interviews with firm leader with key concepts relating to partnerships, motivation and incentives in human capital management and executive compensation in privately held businesses.
Table of contents
1. Trends shaping partner reward
2. The three partner remuneration elements in context
3. The seven primary partner reward systems
4. Formula systems: cost sharing, ‘eat what you kill’ and fixed allocation
5. Merit systems: financially driven versus holistic meritocracies
6. Lockstep systems and their variations
7. A partner’s profit-sharing waterfall: drawings, bonuses and distributions
8.Corporations operating as partnerships, internal markets and talent ecosystems
9. The future of partner contribution management
10.Motivating achievement-orientated partners
11.Using partner contribution frameworks to align partner contribution with firm strategy
12.Aligning personal objectives with partner contribution expectations
13.Using measures, metrics and KPIs
14.Partner accountability through ongoing conversations and informal check-ins
15.Self-assessments, ratings and other design considerations for formal partner reviews
16.Conducting effective partner review conversations
17.Addressing underperformance
18.Using technology for better partner contribution management
19.Analytics: using quantitative and qualitative data for evidence-based decisions
20.The role of HR and business services in partner contribution management
21. Key elements of effective reward governance
22.Remuneration committee basics: when to have one, its remit and its members
23.Managing to an annual calendar
24.Reward round preparation, heuristics and decision aids
25.Reaching reward conclusions while avoiding biases
26.Transparency in reward communications: nuances of open and closed compensation system
27.Appeals: benefits, drawbacks and process considerations
28. Collaboration among partners
29.Rewarding partners in management roles
30.Diversity, equity and inclusion
31.Partner reward in international partnerships
32.Engaging partners in remuneration policy changes
33.Well-being and mental health
34.Ten principles for partner remuneration systems in ambitious professional services firms
