SHAKE THINGS UP …

Two of the biggest challenges I have with professional service firms are structure and compensation plans. Most, if not all, are partnerships and the billable hour structure in and of itself can be unwieldy, hamper innovation, create incredible competition, and stifle incentive. But surely the biggest challenge is compensation programs. Many (if not most) of these firms hold out the carrot of “equity partnerships” for those deserving, overworked few who can bring in business. But their compensation programs and lack of support for non-partner employees has exactly the opposite effect. There are certainly exceptions to this in some big firms, but if you’re not a member of one of those, you might want to keep reading. Read more