I was asked this question the other day in relation to the compensation system for a legal partnership. Many partnerships adopt broadly similar systems but they come with lots of different nuances. One of the biggest issues is whether to make it open or closed. Can all the partners see what each other partner earns each year, or is it closed and only the individual partner and the Managing Partner and whatever group of partners make up the compensation committee know? Can you say that one system is better than another?
respect
Leadership and Succession
By Paul Hally on
I think that one of the key roles of a leader is to train, mentor and develop your successors. I believe that there are strong personal and organisational reasons for doing so. In professional firms I have seen too often practice areas and clients wither on the vine or move firm because this has not been properly done, a partner retires and nothing has been done to secure their sucession. I know that will seem mad to some but I have seen it happen all too often…
Acknowledge and Reply
By Paul Hally on
I am constantly amazed at the failure of people, clients, contacts, friends, vendors, whomever to respond to texts, emails or voicemails. Failing to do so creates a vacuum into which the sender can import their worst fears, often about themselves, and damage your relationship. I will assume for the purposes of this article that you actually want to have a relationship with the sender. If not, failure to reply is a way to kill it, not, I would argue the best way, but a way.…
Under promise and over deliver
By Paul Hally on
Nothing breaks trust as quickly as a broken promise. That is why I am constantly bemused by how often people set themselves deadlines that they seem incapable of meeting. As a client one has that constant let down feeling. Self-doubt creeps in, my work is not interesting enough, I am not important enough, I don’t matter to the other person. We all deal with competing pressures and clients – why put yourself under pressure? Allow time for things to go wrong, to take longer than expected, to require more analysis. Don not put unnecesssary strains on your client relationship.…
Give and Earn Respect
By Paul Hally on
How do you reply to a friend or colleague you trust and respect but do not know how to help? I believe starting with the truth is the best way forward. Sounds easy but do we observe it? The important thing is the respect and trust you have for each other. Don’t do anything to injure that. Your friend deserves your support and encouragement , and if appropriate constructive criticism.