how to use compensation to keep partners engaged

finding the perfect compensation system

by robert j. lees
and august j. aquila
creating the effective partnership

a critical element in keeping partners engaged is having a compensation system that rewards them for doing the right things. every compensation plan should be constructed to help the firm enhance its ability to service clients, achieve its strategic goals and attract, reward and retain the right people. if a firm’s plan does not accomplish these objectives, it needs to be restructured. read more →

six questions to test your partner team’s performance management systems

goals alone won’t won’t get you there.

by robert j. lees
and august j. aquila
creating the effective partnership

many leaders believe that people remain focused and committed to their performance goals if the goals are clear and compelling. however, that’s not our experience with accounting firms.

according to franklin covey’s “the 4 disciplines of execution: achieving your wildly important goals,” team engagement and accountability are necessary to maintain commitment to goals and we are firmly in this camp. read more →

how to get partners all on the same page

monthly meetings may be the solution.

by ed mendlowitzed mendlowitz cpa the practice doctor q and a
tax season opportunity guide

question: there seems to be disagreement among our partners on important issues in running our practice and we never seem to have time to discuss it or work things out. we are a three-partner firm with 15 employees and no one is designated as managing partner.

answer: a suggestion is to have monthly partner meetings out of the office and an annual retreat. both of these have been covered previously but i will add some new ideas here. read more →

tying performance systems to strategic initiatives

 

by robert j. lees
and august j. aquila
creating the effective partnership

as much as a firm’s performance is driven by partner engagement, partner engagement is driven by performance goals.  our research shows that when partners’ performance goals  individually, as a team or department  are misaligned with the firm’s strategic initiatives, the firm will suffer.

we see this too often in multilocation, multinational firms where what’s important in one location isn’t in another and, as a result, it’s downplayed in favor of local priorities. unfortunately, though, it’s the whole firm that suffers, not just the initial location. read more →

focus on a few goals – and don’t assume everybody can do everything

define measures of success and timesheets.

by robert j. lees
and august j. aquila
creating the effective partnership

current thinking suggests that people who focus on a few key goals have a greater chance of achieving or surpassing their goals and all of our work confirms this is true.

in our research into what truly successful managing partners do, one of the things the successful managing partners do that differentiates them from their peers is to focus their partners’ efforts on the firm’s key deliverables as a way of avoiding dissipation of energy and a loss of momentum. read more →

the best firms build their values into their dna

plus: four more success drivers.

by robert j. lees
and august j. aquila
creating the effective partnership

so how do top accounting firms ensure their people operate cohesively and consistently in a highly networked organization?

the answer, in addition to ensuring they are engaged with the firm’s vision and want to play an active part in its delivery, is through an all-pervading set of values.

every successful firm we know has a set of values that are part of the firm’s dna. they drive people’s actions and help them to make the “right” decision should there ever be any doubt about which action to take.

but there are at least four more elements that distinguish the world’s leading professional services firms. read more →

the meaning of ‘partner:’ two views

what being a partner means
source: how to engage partners in the firm’s future

which is greater: the firm or the individual? 

by robert j. lees
and august j. aquila

creating the effective partnership

the lifeblood of any firm is its ability to bring in new, profitable clients or expand the work it does for its existing clients. so bringing in new business is an essential element of the successful firms we’ve studied.

of course, not all partners are effective operating in an environment where they have no pre-existing relationships, whereas some find it easy. the key for any firm is to use its resources where they will achieve the best return rather than expect everyone to be good at everything.

regardless of which environment they operate best in, every partner must bring in new profitable business that enables the firm to grow and develop – and, critically, provides security of tenure for the firm’s people.

but truly great firms also have partners who make a habit of three more behaviors:
read more →

what does being a partner mean?

how to set and enforce standards of performance.

by robert j. lees and august j. aquila
creating the effective partnership

partners are the culture in a professional services firm – what they believe, what they reward, what they do and how they do it determines what and how things get done.

but, one of the problems we consistently hear about is the lack of clarity in what being a partner means. and, in the absence of clarity the partners typically fill the gap by doing what they think it means, with all of the differences of thought and behavior that inevitably brings. read more →

11 tests to measure the health of your firm’s partner group

what it means to be a partner.

by robert j. lees and august j. aquila
creating the effective partnership

partners are the culture in a professional service firm – what they believe, what they reward, what they do and how they do it determines what and how things get done. but, one of the problems we consistently hear about is the lack of clarity in what being a partner means. in the absence of clarity, the partners typically fill the gap by doing what they think it means, with all of the differences of thought and behavior that inevitably brings. it’s these differences in behavior that result in firms failing to maximize their potential.

read more →

10 bad habits partners need to kick

screen shot 2013-09-16 at 8.25.25 pm

if actions speak louder than words, what does that say about your firm’s core values?

by august j. aquila and robert j. lees

creating the effective partnership

the concept of core or shared values gets a lot of press and most professional service firms’ websites promote their core values to prospects, clients and recruits. but, like so many management ideas that are on the soft side, they are often more talk than reality.

creating the effective partnership:  every partner’s first question: ‘what’s in it for me?’  |  the 9 building blocks of a winning vision that the big four have discovered  |   the politics of an accounting firm partnership  |  nine rules to creating highly effective partnership teams   |   audacious vision and grand purpose prove essential to cpa success | are you creating a sustainable firm? | the debilitating effects of denial at accounting firms | the five psychological hurdles that cpa firms must confront today

for too many firms, their espoused core values don’t actually represent what the firm stands for and don’t guide individual behavior. often, in fact, neither the partners nor the employees know the firm’s core values and no one in the firm is evaluated or rewarded on how well they live them. read more →