Herewith a link to the podcast of a Professional Practice Alliance (PPA) webinar which I co-presented on 12 August on the topic:
Partner Reward – Metrics, Measurements and the Link with Profit-Sharing
Traditionally, professional services firms have heavily relied on direct client service as a primary metric when measuring partner performance and evaluating reward. However, instead of solely relying on obvious financial data and individual contribution, firms should consider measuring other areas of contribution and applying firm-wide metrics, of which there are many to be found within modern day professional practices, although the relevant data is often not as easy to locate.
In this discussion, you can hear Session Chair, Zulon Begum, CM Murray LLP, and speakers Claire Watkins, Buzzacott LLP, David Shufflebotham, PEPUp.consulting, Robert Millard, Cambridge Strategy Group, Sarah Chilton, CM Murray LLP andCorinne Staves, Maurice Turnor Gardner LLP, discuss a range of metrics and strategic issues that professional services firms should carefully consider when evaluating partner reward.
We discuss the following:
1. What areas are firms currently weak at measuring in respect of evaluating partner reward?
2. What areas should firms focus on measuring and how can they do that from a practical perspective? What types of data should firms be looking for in respect of various metrics?
3. How can firms ensure that metrics and data are aligned with their overall strategy, particularly given that many firms will need to reassess their business plan over the next few months/years, given the current climate?
4. What are the key issues associated with sole reliance upon financial metrics to measure partners’ performance?
5. How can firms ensure that metrics they apply reflect their diversity and inclusion focuses and values? Might some metrics be inherently discriminatory?
6. How should firms evaluate partners against metrics and what are the main strategic issues when undertaking such evaluations? What are the potential pitfalls?