Most of us are thrust into the managing partner role in our firms with little or no training or coaching. Who teaches you to be an effective MP? How do you know if you're performing well? Your partners won't tell you. If you're new to the job, do you just do it the same way as your predecessor? Is that the best approach for the firm? Who will mentor you?

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There is a constant topic of conversation both inside firms and at almost every conference. It is the age-old question of partner compensation and "how do you do it". As our firm grew, we evolved from everyone is equal, to the "slip of paper" approach, to a more goal-driven, performance-based system. Every firm is a little bit different, but the issues surrounding how you split the pie are pretty consistent. Read more...

I may be making a big assumption but I hope that you are already engaged in partner goal setting in your firm. If done well, it will raise the bar for each partner which in turn will raise the bar for the firm. We all have heard the basic rules of the game including having a limited number of measurable, stretch goals. Here are a few ideas to really juice up your process for better results.

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