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Developing a Partner Scorecard That Is Meaningful to Your Firm
This article is the first in a series about developing a customized scorecard for your firm's partners, specific information to include in the scorecard, tailoring it to your firm's goals, and getting partners to understand the scorecard and achieve greater success. Following are some questions about partner behavior and profitability with which many law firms grapple: How do you want your partners to behave? Is their work ethic up to your standards? How do you modify behavior? What firm goals that will drive profitability? What are the key financial metrics against which goals are compared? What training do partners need to understand the financials goals and metrics? What data does your firm track by partner? How are partners held accountable for profitability performance? Developing a partner scorecard customized to your firm's style may help address these issues and improve overall performance.
What Is a Partner Scorecard?
A partner scorecard is exactly what it sounds like. It is a card that keeps score on various elements of performance for a partner. The types of scores that would be kept will be discussed at a later point. An important element of a scorecard system is to make the scorecard a concise, tangible card, bigger than an index card or a piece of paper. The reason for this is simplicity. The score can be viewed and understood in a flash. Picture a golf game scorecard. It is on one page, simple, and easy to understand. You know your score. And you remember it.
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