It is vital to the ongoing success of professional services firms that partner performance is actively and effectively monitored and managed. Getting it right is likely to lead to increased partner satisfaction, retention levels and firm profitability. Getting it wrong could give rise to disgruntled partners, avoidable departures, exposure to the risk of claims and an adverse impact on the firm’s reputation in the market.
In this alert, my excellent colleagues Wonu Sanda and Beth Hale highlight the key points to consider when dealing with partner performance and provide some practical tips on how firms can implement and navigate a partner performance evaluation and management process effectively, whilst minimising the risks to the firm: