Professional Practices Alliance (PPA)

In this discussion, you can hear Session Chair, Zulon Begum, CM Murray LLP, and speakers Claire Watkins, Buzzacott LLP, David Shufflebotham, PEPUp.consulting, Robert Millard, Cambridge Strategy Group, Sarah Chilton, CM Murray LLP and Corinne Staves, Maurice Turnor Gardner LLP, discuss a range of metrics and strategic issues that professional services firms should carefully consider when evaluating partner reward.

Our PPA experts discuss the following:

1. What areas are firms currently weak at measuring in respect of evaluating partner reward?

2. What areas should firms focus on measuring and how can they do that from a practical perspective? What types of data should firms be looking for in respect of various metrics?

3. How can firms ensure that metrics and data are aligned with their overall strategy, particularly given that many firms will need to reassess their business plan over the next few months/years, given the current climate?

4. What are the key issues associated with sole reliance upon financial metrics to measure partners’ performance?

5. How can firms ensure that metrics they apply reflect their diversity and inclusion focuses and values? Might some metrics be inherently discriminatory?

6. How should firms evaluate partners against metrics and what are the main strategic issues when undertaking such evaluations? What are the potential pitfalls?

We are delighted to bring you this recording of an expert discussion on "How Should Firms Measure Partner Contribution?" between leading specialists in Partnership & Employment Law, Partnership Compensation, and Law Firm Management.

The discussion was chaired by Corinne Staves (Maurice Turnor Gardner LLP), with panellists Claire Watkins(Buzzacott LLP), David Shufflebotham (PEP-Up Consulting), Robert Millard (Cambridge Strategy Group), Sarah Chilton (CM Murray LLP), and Zulon Begum (CM Murray LLP).

The question of how professional services firms should measure partner contribution is a complex one, and is made no less complex by the unprecedented times in which we live. However, these times also present an opportunity for firms to rethink and refocus the way they measure partner contribution for the better in the future.

The key themes you can hear addressed by the panel are:

1. The importance of defining and effectively measuring partner contribution.

2. Dealing with the age-old problem of how best to measure cross-referrals within firms.

3. How firms can align partner contribution with the business’s strategy and success?

4. Being aware of common discrimination risks in the way firms typically measure partner contribution and effective steps to avoid those risks as far as possible.

5. Using professional services constitutional frameworks to embed KPIs and encourage the right contributions from partners.

6. Is it one size fits all when it comes to partner contribution or is the situation different for smaller firms? If so, how should they adapt?

7. In what ways might the COVID-19 crisis change how partner contribution is measured?

Professional firms are not immune to the global impact of the Coronavirus crisis. Many firms have implemented robust business continuity and remote working arrangements but the impact on their clients and the global economy will require firms to continue to adapt (or face the most serious implications).

This Professional Practices Alliance podcast series will address the threats faced by professional firms and explore ways in which firms need to adapt not only to survive the crisis, but also to take steps now to thrive in the post-crisis environment.

This podcast discusses the following key issues:

i.  Legal and practical issues for professional services firms in managing workplace re-entry - can you force worried staff to come to work? What protections, policies and training should you be putting in place now?

iii.  Retaining, motivating and locking in key talent - making this your first priority before addressing the under-performers.

iv.  Pruning the Partnership post-crisis - constitutional and discrimination issues to consider when managing Partner Exits.

v.  Revisiting your firm's strategic Business Plan – are you tweaking it or ripping it up and starting again? And what scenario planning are firms doing to refocus their strategy?

vi.  Learning the lessons from the Crisis – reconstruction, recovery and strategic change for firms.

PPA Speakers:  

Clare Murray, CM Murray LLP - Partnership & Employment Law specialist

Professional firms are not immune to the global impact of the Coronavirus crisis. Many firms have implemented robust business continuity and remote working arrangements, but the impact on their clients and the global economy will require firms to continue to adapt (or face the most serious implications). This series will address the threats faced by professional firms and explore ways in which firms need to adapt not only to survive the crisis, but also to take steps now to thrive in the post-crisis environment.

This podcast discusses the following key issues:

i. How professional services firms are responding to the COVID-19 crisis, and the effect of prior experience of senior management (or lack of it) in responding to the GFC and Brexit on firms’ individual responses.

ii. How values, ethics and brand reputation are shaping firms’ responses to the crisis; are firms adhering to their values in those responses, or losing sight of them in this crisis?

iii. What is the range of financial steps that firms are taking to protect their firm, what are the current lending criteria for professional services firms needing finance, and how do firms best position themselves to apply for that funding?

iv. What are the key risk management issues that firms are facing and what is the SRA’s current approach to firms struggling with these unprecedented challenges?

v. What are the red flags which suggest that a firm may be heading towards a potential meltdown, and what steps can a firm take to get it back on track?

vi. Can a merger be a positive strategic choice in this crisis and how can firms maximise the prospects of merger success?

vii. How are firms changing partner drawings, distributions and profit share arrangements, and what key constitutional issues do they need to bear in mind when they implement those changes?

viii. What other protections can firms implement to preserve the business – and is now a good time to change your LLP agreement to provide increased constitutional protections and powers to respond to the crisis rapidly?

ix. How firms are handling staff issues, including employee physical and mental well-being.

x. What should firms be doing now to help them prepare to exit the lockdown?

PPA Speakers:  

Clare Murray, CM Murray LLP - Partnership & Employment Law specialist

This PPA podcast covers a wide range of complex partnership, employment, regulatory, PR and criminal issues relating to reporting, investigating and eradicating sexual harassment in law firms and other professional services practices. 

Essential listening for partners, senior management, in-house counsel and HR directors in professional services firms responding to sexual harassment allegations