Partner Performance - Financial Measures

In the first of a four-part series, Rachel Stone focuses on the financial measures used to assess a partner's contribution to the firm.

In the last issue of Professional practices news, we considered a model for balancing the various performance priorities of the partner role. This month, we look at the first of these priorities – financial measures – in more detail.

The financial priorities of many partners focus on one core measure – chargeable or billable hours. We often speak to partners who believe their entire contribution to the practice can be measured using this one indicator, and that this should form the basis for all decisions about promotions, profit share and future reward.