Partners play a pivotal role in your firm’s success, often fueling your competitive advantage, but the process of reviewing and comparing their performance data can be a time-consuming challenge. Furthermore, determining how partners are being compensated for profitable actions adds another layer of complexity to the equation.
To enhance profitability and streamline the partner performance review process, consider embracing automation.
Here's how you can drive profits by automating your partner compensation review:
Save time processing compensation with data in one place. By consolidating all relevant data into one accessible source of truth, the compensation committee gains efficiency. This centralized hub simplifies the processing of compensation and bonuses, ensuring a quick and seamless experience for the committee and, most importantly, keeping your partners content.
Accurately recommend the right compensation. With a comprehensive view of all the relevant data, the compensation committee can make more informed, data-driven decisions. Incorporating profitability metrics into the decision-making process ensures that partners are compensated for actions that contribute positively to the firm's bottom line. This strategic approach not only encourages lawyers to focus on more profitable matters but also aligns compensation with the overall financial health of the firm.
Getting partners involved in the compensation process. Empower your partners by involving them in the compensation process through self-evaluations. Providing partners with the opportunity to share their insights fosters a sense of value and recognition and brings clarity to how they are rewarded within the firm. This collaborative approach to compensation not only strengthens the partnership but also contributes to a more transparent and equitable compensation structure.
Here’s what leading industry experts are saying on this topic:
BigHand Partner Performance is a review and compensation portal made for legal. Streamline your partner performance review and compensation process through an interactive portal that allows you to review partner performance data, allocate points, assign bonuses, and determine compensation for each partner. Drill-down into details like client trends, allocation points, and more. Here’s some of the big benefits:
Streamlined performance reviews and compensation processes
Reporting and comparisons instantly at your fingertips
Multiple years of key metrics stored and available for review
Increase partner participation with self-evaluations
Get comparable client and matter level detail
The new dashboards are user friendly and deliver data in a more intuitive format...The compensation committee only needed one 30-minute training session. Now, all members use the portal, and they all say they like the Iridium, now part of BigHand dashboard better.