The Partner Remuneration Handbook: A Guide to Compensation in Law and Other Professional Service Firms

The Partner Remuneration Handbook provides guidance on designing effective profit-sharing systems, reaching fair reward decisions efficiently, and implementing motivating contribution management processes for partners in professional service firms. It draws on principles of partnership, motivation, and incentives in human capital management and executive compensation.

Format: Hardback
Length: 383 pages
Publication date: 16 August 2022
Publisher: Globe Law and Business

The intricate web of partner compensation and profit-sharing forms the very foundation of any successful professional partnership. While one might argue that there exists a multitude of profit-sharing systems, a global practice has emerged regarding the definition of "merit" and the equitable distribution of risk and rewards among partners in professional service firms. In their comprehensive guide, "The Partner Remuneration Handbook," Michael Roch and Ray DCruz offer invaluable guidance to senior partners, managing partners, partnership boards, remuneration committees, and other stakeholders involved in the partner compensation process. This includes department heads, CFOs, and HRDs, as well as those responsible for designing effective profit-sharing systems, making fair reward decisions efficiently, and implementing motivating contribution management processes.

Packed with practical insights, this book draws upon principles of partnership, motivation, and incentives in human capital management, as well as executive compensation in closely held businesses. By delving beyond mere numbers, the authors strike a harmonious balance between the broader context and a step-by-step how-to for any professional partnership, regardless of its geographical location, size, or maturity.

The core essence of this title revolves around three fundamental aspects:

•Exploring the diverse partner reward systems prevalent in most professional firms.
•Illustrating how partnerships establish and engage in discussions about partner contribution commitments, which align with the firm's overarching strategic, operational, and financial objectives.
•Providing decision-making guidance on marrying reward to performance, as well as on the governance of remuneration committees.

Furthermore, the book addresses a wide range of special topics, such as rewarding partners in management roles, and offers a proven approach for firm leaders to involve partners in the journey of evolving their partner compensation system.

In summary, "The Partner Remuneration Handbook" serves as a indispensable resource for professionals seeking to establish and maintain successful partnerships. By providing comprehensive guidance on partner compensation, profit-sharing, and governance, this book empowers stakeholders to foster a culture of collaboration, motivation, and growth within their organizations.

Weight: 546g
Dimension: 162 x 243 x 29 (mm)
ISBN-13: 9781787428485