{"id":51658,"date":"2017-04-19t08:00:45","date_gmt":"2017-04-19t12:00:45","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=51658"},"modified":"2024-08-14t09:35:22","modified_gmt":"2024-08-14t13:35:22","slug":"time-partner-compensation-checkup","status":"publish","type":"post","link":"\/\/www.g005e.com\/2017\/04\/19\/time-partner-compensation-checkup\/","title":{"rendered":"is it time for a partner compensation tune-up?"},"content":{"rendered":"

\"\"<\/p>\n

six questions to ask, nine standards to follow.
\n<\/strong><\/p>\n

by august j. aquila<\/i>
\nwhat makes a great partnership<\/i><\/a><\/p>\n

ever wonder what the most appropriate partner compensation system is for your firm and how to assess partner performance?<\/p>\n

more on great partnerships:<\/b> the 3 types of partners you need<\/a> | 6 focuses for managing partners<\/a> | 10 steps to transitioning to a new mp<\/a> | what managing partners should be doing<\/a> | do your partners pay their own way?<\/a> | 7 keys to becoming an equity partner<\/a> | how and why to achieve partner unity<\/a> | how you can get partners to change<\/a> | why expectations must be defined<\/a> | are you driving your best partners crazy?<\/a> | 7 warning signs for your firm<\/a>
\n\"goprocpa.com\"exclusively for pro members. <\/span><\/strong>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n

a firm\u2019s compensation system is a reflection of its culture and external competitive factors.<\/p>\n

when was the last time you gave your partner compensation system a checkup?
\n<\/p>\n

here is a partner compensation checkup questionnaire to get you thinking about how effective your current compensation plan is.<\/p>\n

    \n
  1. does the system reward the partners for supporting the firm\u2019s short- and long-term strategic initiatives?<\/li>\n
  2. does the system reward fairly fee-producing work and non-billable contributions that add value to the firm?<\/li>\n
  3. does the system place the betterment of the firm ahead of the betterment of any individual partner?<\/li>\n
  4. has the firm developed performance standards for partners?<\/li>\n
  5. how are the performance standards measured?<\/li>\n
  6. who in the firm (compensation committee, executive committee) determines how well a partner has achieved the standards?<\/li>\n<\/ol>\n

    typical partner compensation standards<\/strong><\/p>\n

      \n
    1. business development. new business is the livelihood of any business.<\/li>\n
    2. client retention. keeping clients through quality client service and expanding services to your existing clients.<\/li>\n
    3. timeliness. meeting client deadlines and expectations needs to be considered.<\/li>\n
    4. productivity. this is more than just billable hours. it includes leverage, efficiency, a\/r and wip management.<\/li>\n
    5. firm management and leadership. partners who hold positions as department heads, team leaders and firm management should be rewarded and evaluated based on team or firm success.<\/li>\n
    6. being a good partner. partners must live the firm\u2019s values and follow all policies, e.g., timekeeping, participating in firm events, etc.<\/li>\n
    7. being a team member. successful firms are building teams and rewarding partners for playing their role on the team.<\/li>\n
    8. professional growth. in any professional service firm, skills decline over time. hence continual learning for partners is a critical standard.<\/li>\n
    9. developing others. investing in younger professionals is the key for future success. all partners need to participate in some fashion.<\/li>\n<\/ol>\n

      the secret is building your compensation system around these standards so that it is fair and fairly administered.<\/p>\n","protected":false},"excerpt":{"rendered":"

      6 questions to ask, 9 standards to follow.<\/strong>
      \nby august aquila<\/em>
      \n      what makes a great partnership<\/a><\/em><\/p>\n","protected":false},"author":1331,"featured_media":49056,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[2374,3120],"tags":[2429,1124,572,38,1416],"class_list":["post-51658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pay-compensation","category-pro-member-exclusive","tag-earnings","tag-partnership","tag-pay","tag-salary","tag-wages"],"acf":[],"yoast_head":"\nis it time for a partner compensation tune-up? 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