PAY & COMPENSATION

6 Ways to Pay Partners

Paying for performance alone doesn’t always work.The number 6 made from dollar stacks

By August Aquila
Creating the Effective Partnership

Many of us, including myself, thought that the right compensation plan would solve the answer to underperformance and motivation. Over the last 10 years or so, firms have moved from a formula-based plan to a pay-for-performance plan that takes into consideration

  • production,
  • business development,
  • value enhancement and
  • behavioral factors.

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While this has helped place more emphasis on performance, it hasn’t been a magic bullet. Why are so many firms still missing the boat when it comes to motivating partners and staff to perform at a higher level?