How to reward partners.
By August J. Aquila
What Makes a Great Partnership
During the last 13 years I have focused a large part of my practice on helping firms develop compensation plans. A critical element in keeping partners engaged is having a compensation system that rewards them for doing the right things. Here’s what I found to be some of the best practices.
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- Every compensation plan should be constructed to help the firm enhance its ability to service clients, achieve its strategic goals and attract, reward and retain the right people. If a firm’s plan does not accomplish these objectives, it needs to be restructured.
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