Our research into stand-out lawyers shows that there are six critical factors to keeping and motivating these people. Of these, half are to do with the firm’s strategy and leadership’s ability to deliver it. But the findings also highlight that conceiving the strategy is probably the easy bit…engaging partners in such a way that they feel a real sense of ownership and a commitment to make it happen is much more difficult. It is also challenging to ensure that the related areas of: partner compensation; governance; and culture are aligned with the strategy that has been built.
Acritas Advisors have worked with firms all over the world to help them with this. Typically we help partners to come to an agreement on their ambition and aspirations for the firm. We then use our market-leading research and analysis to challenge and shape this ambition into a formula which will give the firm a genuine competitive edge.
For many firms, we then work with the leadership to explore how partners can be engaged and held to account. We help firms review and revise partner compensation, and we employ both our research and consulting toolkit to help firms with the change agenda necessary to ensure the team stays on track.