Disagreeable as it is, the matter of partner underperformance is a live issue for law firms today. Not handling it correctly can have severe consequences for your firm including damage to its reputation, the morale of your high performers and overall bottom line.
Based around the importance of Tackling Partner Underperformance in Law Firms, this is the only guide to handling this extremely sensitive issue both compliantly and effectively to improve the financial and overall performance of your firm.
Packed with real-life examples, models and checklists along with the sought-after advice of leading law firm consultant Nick Jarrett-Kerr, this critical guide will enable you to:
- Define roles and communicate clear and measurable expectations of partnership;
- Customise a balanced performance management system for partners;
- Implement a performance measurement framework that aligns reward with performance;
- Assess the most appropriate options available for supporting or dealing with struggling partners;
- Follow a step-by-step plan and timetable for managing underperformance;
- Understand the sensitivities involved in changing governance to deal with underperformers; and
- Implement an effective strategy for communicating throughout the process.
- Real-life case studies from Taylor Vinters, Cobbetts, Capsticks and a number of other undisclosed firms highlight both the successes and failures in the field.
You will also find practical resources within the report that can be adapted and implemented immediately within your firm, including:
- Example partner role descriptions;
- Example indicators of competency behaviours for an entry-level equity partner;
- Sample performance criteria and checklists for managing partners, finance directors and department heads;
- Models for rating, scoring and ranking partners; and
- A template for a partner business plan.
PLUS...Key findings from the Edge International 2011 Survey into the Management of Underproductive and Underperforming Partners are also revealed within the appendix.
Chapter 1: Introduction and trends
Chapter 2: Clarifying and defining the expectations of partnership
Chapter 3: Understanding why partners underperform or are underproductive
Chapter 4: Judging, rating and assessing partners
Chapter 5: Aligning with the partner rewards system
Chapter 6: Supporting and rehabilitating underperforming partners
Chapter 7: Systems for partner performance management
Chapter 8: Managing underperformance
Chapter 9: Options for coping with underperformers
Chapter 10: Governance issues
Chapter 11: Communications
Case study 1: Partner performance systems and rewards at Capsticks
Case study 2: Managing underperformance at Cobbetts
Case Study 3: Taylor Vinters – Managing performance in a smaller firm
Case Study 4: How a large US firm deals with brown-out and underperforming partnersCheck our Executive Summary and full table of contents here