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Foreign exchange issues can present problems in the partner remuneration context. Various internal methods can be employed, however, to successfully address the challenges.
The impact of currency fluctuations on partner distributions has caused dissatisfaction within several international firms that operate a global profit pool. U.S. firms tend to struggle more with this issue than their European counterparts. In a typical scenario, European and Asian partners whose pay is denominated in U.S. Dollars, but who have school fees and mortgages to meet in another currency, will demand that the firm make them whole for the depreciation in the Dollar, while U.S. partners at home shake their heads at the increased “cost” to running the firm's foreign operations. Dissatisfaction among management and partners on all sides of the Atlantic and Pacific results; beyond squabbles about overseas investments, for a growing firm this presents an issue for lateral hires and, if left unaddressed, has the potential to cause retention problems.
The combination of currencies in which a firm operates will drive the degree to which the effect of exchange rate fluctuations on partner remuneration needs to be managed. The recent rally of the U.S. Dollar against the Sterling has pacified the situation somewhat, but the significant short-term fluctuations prove the point that a rational, permanent solution is needed for international firms operating under a global profit pool.
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