Performance Management and Compensation
Compensation systems
that reward billable hours excessively are ill-suited to a business
environment where collaboration and innovation are keys to success. More
firms are gravitating to re-designed compensation systems which encourage
behaviors that are perceived to be fair, that enhance firm profitability
and that promote the growth and development of the firm for years to come.
Our service offerings include:
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strategy-based
compensation systems for partners
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compensation
alternatives for associates and counsel
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professional
performance plans that target measurable results
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protocols
to manage and enhance associate development
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partnership
admission criteria
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balanced
scorecards to measure results
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For further information
on Performance Management and Compensation, contact Richard
Stock at rstock@catalystlegal.com
(416) 367-4447, ext. 1.
Articles on Performance
Management and Compensation
"The
Law Department Audit is an Opportunity for Law Firms"
Addendum - CBA
Practice News (Law Firm Leader's edition), December 2007
Audits: Reviewing
Strengths
"Talent
Management: The Young Lawyer"
Lexpert, October
2007
Investing time and
money on associates is an important element of a strategy focused on
sustainability. The article reviews the approaches of a national firm and
of small and mid-sized firms to address retention, training and
development. Associates' views are featured in the article.
"Top
Performance and Knowledge Workers"
Lexpert, June
2006
Clients want to measure
the effectiveness of legal services by introducing "metrics".
They want an answer in terms the company can understand. The article
applies Thomas Davenport's 6 dimensions of knowledge workers as a guide for
setting goals and getting results from legal counsel. Knowledge workers
crave autonomy, it is usually difficult to specify detailed steps and the
flow of knowledge compared to other types of work, and serving commitment
to anything depends on "fair processes" to get there.
Nevertheless, it is possible to carefully assess workflow and workloads of
law departments and their law firms to eliminate work and advisory
functions that are operational support but of little strategic value.
"Talent
Acquisiition and Management"
Lexpert, April
2005
The advantages and
disadvantages of a mandatory retirement age for law firm partners are
discussed. The rate of associate retention and lawyer mobility are both
factors which should prompt law firms to develop and maintain a plan for
talent acquisition and management. The article presents the components for
such a plan with a view to develop and keep its competitive edge.
"The Old Guard"
Lexpert, Toronto, ON.
Volume 7, Issue 6, April 2006
"Redesigning Associate
Compensation"
National, Vol. 5,
No. 1 (January/February 1997)
Why
"lockstep" compensation systems fail in the long run. The
advantages of linking compensation to performance. How to introduce a new
compensation system for associates, and an example of a performance-based
compensation system is presented.
"Partner Responsibility
and Associate Performance"
National, Vol. 5,
No. 7 (November/ December 1996)
Four ways in which law
firms and law departments can reduce professional dissatisfaction and stem
the departure of associates and partners from their organizations. The
article discusses performance expectations, training and development,
accommodating "lifestyle" issues, and communicating information
regarding firm performance.
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