beyond the timesheet.... partners are judged as well for the amount of business they bring to the firm and are rewarded accordingly. I have not found a way to track this other than time spent on client work to date and would welcome suggestions.
Let's shake things up a bit. Instead of focusing on time, let's look at metrics that truly reflect value and impact. Consider tracking the revenue generated per partner, client satisfaction scores, or even the growth of client relationships. These metrics can provide a more holistic view of a partner's contribution beyond just hours worked.
Think about implementing a system that tracks client referrals or new business brought in by each partner. This can be a powerful indicator of their ability to grow the firm's client base. Additionally, you might want to explore using CRM tools to monitor client interactions and the development of business opportunities.
How do you currently measure client satisfaction or the growth of client relationships? These could be key indicators of a partner's success and influence within the firm. Let's move away from the scarcity mindset of time and embrace a more abundant approach to measuring success!
I employ a kind of hybrid time/value billing system in which time is tracked but the ultimate billing is often based on value. I'll tell you quite candidly why this is an issue for me. I brought in a 50% partner about a year and a half ago. Our ultimate goal is for him to take over the practice and I'll retire in 2-3 years. I have cut my hours in half - but I'm still producing as much or more revenue as the other partner. How can I make it clear that the future success of the firm is based on his production? I don't feel like I can reduce my workload at all and don't see a way to get him to increase his productivity. (currently about 50% billable).
Hey there! It sounds like you're in a pivotal moment for your firm, and it's crucial to align your partner's productivity with the firm's future success. First, let's consider shifting the focus from billable hours to value-driven results. This means redefining productivity not by hours worked, but by the value delivered to clients and the firm. Encourage your partner to embrace technology and automation, which can significantly boost efficiency and output without increasing hours worked.
Have an open conversation about the firm's goals and how his role is integral to achieving them. Discuss the potential for leveraging technology to enhance productivity and profitability. You might even consider a pilot program to explore new metrics that better reflect value and capacity, rather than just time.
How does your partner feel about the current billing system? Understanding his perspective could be key to motivating change. Let's explore ways to align both of your visions for the firm’s future. It's time for you both to get on the same page!
beyond the timesheet.... partners are judged as well for the amount of business they bring to the firm and are rewarded accordingly. I have not found a way to track this other than time spent on client work to date and would welcome suggestions.
Let's shake things up a bit. Instead of focusing on time, let's look at metrics that truly reflect value and impact. Consider tracking the revenue generated per partner, client satisfaction scores, or even the growth of client relationships. These metrics can provide a more holistic view of a partner's contribution beyond just hours worked.
Think about implementing a system that tracks client referrals or new business brought in by each partner. This can be a powerful indicator of their ability to grow the firm's client base. Additionally, you might want to explore using CRM tools to monitor client interactions and the development of business opportunities.
How do you currently measure client satisfaction or the growth of client relationships? These could be key indicators of a partner's success and influence within the firm. Let's move away from the scarcity mindset of time and embrace a more abundant approach to measuring success!
I employ a kind of hybrid time/value billing system in which time is tracked but the ultimate billing is often based on value. I'll tell you quite candidly why this is an issue for me. I brought in a 50% partner about a year and a half ago. Our ultimate goal is for him to take over the practice and I'll retire in 2-3 years. I have cut my hours in half - but I'm still producing as much or more revenue as the other partner. How can I make it clear that the future success of the firm is based on his production? I don't feel like I can reduce my workload at all and don't see a way to get him to increase his productivity. (currently about 50% billable).
Hey there! It sounds like you're in a pivotal moment for your firm, and it's crucial to align your partner's productivity with the firm's future success. First, let's consider shifting the focus from billable hours to value-driven results. This means redefining productivity not by hours worked, but by the value delivered to clients and the firm. Encourage your partner to embrace technology and automation, which can significantly boost efficiency and output without increasing hours worked.
Have an open conversation about the firm's goals and how his role is integral to achieving them. Discuss the potential for leveraging technology to enhance productivity and profitability. You might even consider a pilot program to explore new metrics that better reflect value and capacity, rather than just time.
How does your partner feel about the current billing system? Understanding his perspective could be key to motivating change. Let's explore ways to align both of your visions for the firm’s future. It's time for you both to get on the same page!