We live in a time where clients are steadily pursuing effective methods of measuring law firm and lawyer performance. New performance metrics, third party rating services and the constantly improving availability of data place unprecedented power in the hands of legal service buyers.
An efficient and structured data gathering approach, transparency, easy to understand reporting and education are essential to these systems. Firms that commit to a process of fairly evaluating partner contributions to profit, regular performance measurement and constructive feedback are better able to perform consistently at very high levels.
Aligning compensation with external and internal factors ensures that firms are in touch with client expectations, support profitable partner behaviors and build an economically viable practice model.
For more information about data driven compensation in law firms or what we know about these systems, please see our blog . If you are a law firm partner or manager, schedule a free live Data Driven Compensation webinar for your firm.
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