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Why Accountability in Law Firms Is So Challenging
A bevy of new goals and objectives typically accompany the advent of a new year—or, in the case of 2020, a new decade. January (aka compensation season for most) spotlights last year's accomplishments and, in turn, begs for — and typically requires — statements and business plans denoting what each individual partner and the firm overall plans to achieve in the coming year. Enthusiastic visions, expansion targets and growth strategies abound. Now, the time has come to shift into action, inevitably sparking one of the single most-voiced questions among law firm executives: how do we hold partners accountable?
In an era of "what's in it for me," leaders seeking to ensure the long-term well-being of the firm and its talent often find change initiatives especially challenging. Innovation, technology deployment, restructuring, collaborative business development and other important large-scale change efforts demand shifts in behavior and mindsets. They also require considerable investments of time and money. Few law firm compensation systems adequately accommodate rewarding these crucial shifts in behavior.
The good news, according to prominent research on strategy execution, is compensation, or motivators, generally, is just one of four facets to successful execution. Better still, it is the third most important factor, trailing decision rights and information flows, which each have a substantially greater impact on implementation success. Accountability and accomplishment of even the most audacious goals, thus, are within reach, even for those leaders reluctant to tackle the Sisyphean task of compensation restructuring.
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