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Linking Partner Pay to Strategic Firm Objectives

Pay for performance is not a new concept in this country. The ideas and concepts underlying a graduated pay scale based on contribution and merit are deeply ingrained in our society. However, in general law firms have been slower to adopt pay for performance systems. What law firms need now, and this article describes, is an approach to partner compensation that closely links a partners pay to their ability to contribute to the achievement of the firm’s strategic objectives.

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Pay for performance is not a new concept in this country. The ideas and concepts underlying a graduated pay scale based on contribution and merit are deeply ingrained in our society and date back at least to Adam Smith and the Scottish Renaissance. And despite some recent, spectacular aberrations at the top of some of America’s largest corporations pay for performance in the corporate setting has served this country well.

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