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OverviewPartner compensation and how partners share profits is central to the cohesive fabric of any professional partnership. While one adage says that “there are as many profit-sharing systems as there are partnerships”, there has recently been the emergence of a global practice about what “merit” means and how risk and reward are shared among partners in professional service firms. In The Partner Remuneration Handbook, Michael Roch and Ray D’Cruz provide guidance for senior partners, managing partners, partnership boards, remuneration committees and others involved in the partner compensation process (department heads, CFOs, HRDs), on designing effective profit-sharing systems, reaching fair reward decisions efficiently and implementing motivating contribution management processes. Filled with practical insights, this book draws on principles of partnership, motivation and incentives in human capital management, and executive compensation in closely held businesses. Looking beyond the numbers, the authors balance the big picture with a detailed how-to for any professional partnership irrespective of geography, size and maturity. This title encompasses three core elements: Exploring the different partner reward systems found in most professional firms. Showing how partnerships define and discuss partner contribution commitments that further the firm’s overall strategic, operational and financial objectives. Providing decision-making guidance about marrying reward to performance and on Remuneration Committee governance. It also addresses a myriad of special topics, such as rewarding partners in management roles, and provides a proven approach for how firm leaders can take partners with them on the journey of evolving their partner compensation system. Full Product DetailsAuthor: Michael Roch (International Bar Association) , Ray D'CruzPublisher: Globe Law and Business Ltd Imprint: Globe Law and Business Ltd ISBN: 9781787428485ISBN 10: 1787428486 Pages: 383 Publication Date: 16 August 2022 Audience: Professional and scholarly , Professional & Vocational Format: Hardback Publisher's Status: Active Availability: In Print  This item will be ordered in for you from one of our suppliers. Upon receipt, we will promptly dispatch it out to you. For in store availability, please contact us. Table of ContentsPreface 5 Acknowledgements 7 Part I. Introduction 1. Trends shaping partner reward 9 2. The three partner remuneration elements in context 13 Part II. Reward structures in professional partnerships 3. The seven primary partner reward systems 27 4. Formula systems: cost sharing, ‘eat what you kill’ and fixed allocation 31 5. Merit systems: financially driven versus holistic meritocracies 51 6. Lockstep systems and their variations 81 7. A partner’s profit- sharing waterfall: drawings, bonuses and distributions 103 8. Corporations operating as partnerships, internal markets and talent ecosystems 115 Part III. Managing partner contribution 9. The future of partner contribution management 125 10. Motivating achievement-orientated partners 133 11. Using partner contribution frameworks to align partner contribution with firm strategy 145 12. Aligning personal objectives with partner contribution expectations 155 13. Using measures, metrics and KPIs 167 14. Partner accountability through ongoing conversations and informal check-ins 185 15. Self-assessments, ratings and other design considerations for formal partner reviews 191 16. Conducting effective partner review conversations 203 17. Addressing underperformance 211 18. Using technology for better partner contribution management 221 19. Analytics: using quantitative and qualitative data for evidence-based decisions 231 20. The role of HR and business services in partner contribution management 237 Part IV. Partner reward governance and decision making 21. Key elements of effective reward governance 245 22. Remuneration committee basics: when to have one, its remit and its members 247 23. Managing to an annual calendar 263 24. Reward round preparation, heuristics and decision aids 271 25. Reaching reward conclusions while avoiding biases 281 26. Transparency in reward communications: nuances of open and closed compensation systems 289 27. Appeals: benefits, drawbacks and process considerations 297 Part V. Special issues 28. Collaboration among partners 303 29. Rewarding partners in management roles 313 30. Diversity, equity and inclusion 329 31. Partner reward in international partnerships 337 32. Engaging partners in remuneration policy changes 353 33. Well-being and mental health 367 Part VI. The way ahead 34. Ten principles for partner remuneration systems in ambitious professional services firms 375 About the authors 381 About Globe Law and Business 383ReviewsAuthor InformationTab Content 6Author Website:Countries AvailableAll regions |
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