How firms are balancing base salaries against billable hours.
By Bill Reeb and Dominic Cingoranelli
The managing partner should have a compensation plan unique to that position focused on carrying out the strategic and tactical objectives of the firm.
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While there can be some individual performance goals assessed, the bulk of the managing partner’s incentive package and focus should be on overall firm performance. The key here is that you don’t want an incentive system for the managing partner that is overly focused on individual goals because the real value of this position is in driving firmwide change.
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