plus 12 examples. which work for you?
by marc rosenberg
the rosenberg practice management library
core values are the attitudes and beliefs that define a firm’s culture and a critical ingredient in a successful compensation plan.
more: five keys in compensating new managing partners | top 20 tough choices for the partner comp committee | tell potentials what partnership takes | disturb the present to improve the future
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partners talk about the firm’s core values all the time, pointing out instances when someone’s behavior has clearly been impacted by them. these values are incorporated in processes throughout the firm, such as in the development and evaluation process, in the way income is allocated to partners, and in what raises are given to staff.
when identifying your firm’s core values, consider:
- if your firm were an organized religion, what would your beliefs be and what would constitute a sin?
- words that influence the way you behave every day.
- the values that are used to help people make tough decisions.
- core values are the soul of your firm. they are what you stand for, what you hold dear.
- violations of core values are never tolerated or ignored.
if the firm’s core values are created at a retreat and never seen or talked about thereafter, then their creation was a waste of time.
here are good examples of core values:
1. uncompromising commitment to exceed client expectations.
2. the clients’ interest comes first, the firm’s second and the individual’s last.
3. no room for people who put their own personal agenda ahead of the team’s interest.
4. everyone will be required – not just encouraged – to learn new skills.
5. every partner and manager commits to their obligation to mentor and develop staff.
6. we always understand that we accomplish more as a team than any of us could alone.
7. our key people must find ways to transfer their knowledge and expertise to others.
8. partners must set an example for staff to follow because staff evaluate our firm by what they see in our partners.
9. each partner recognizes that ownership is a privilege. each must continually earn the right to remain an owner.
10. do your share and a little bit more.
11. measure your success by those around you.
12. only people who live and breathe our core values every day will be allowed to remain with the firm.