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E XAMPLES O F G REAT P ARTNER G OALS P RESENTED BY S AM M. A LLRED,

E XAMPLES O F G REAT P ARTNER G OALS P RESENTED BY S AM M. A LLRED, F OUNDER & D IRECTOR O F U PSTREAM A CADEMY. Of all the processes that make up a successful firm, none has proven more impactful than partner goal setting.

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E XAMPLES O F G REAT P ARTNER G OALS P RESENTED BY S AM M. A LLRED,

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  1. EXAMPLES OF GREAT PARTNER GOALS PRESENTED BY SAM M. ALLRED, FOUNDER & DIRECTOR OF UPSTREAM ACADEMY

  2. Of all the processes that make up a successful firm, none has proven more impactful than partner goal setting. Effective partner goal setting is the primary key to optimizing partner horsepower and creating a high performance firm.

  3. Observations of partner goal setting in our profession What makes a great partner goal? Examples of great partner goals Questions and answers Email questions tosama@upstreamacademy.com PRESENTATION ROADMAP

  4.  OBSERVATIONS OF PARTNER GOAL SETTING IN OUR PROFESSION

  5. OBSERVATION #1 The partner group represents the greatest source of horsepower in any firm. Partners can take the firm to nearly any height if they are committed.

  6. OBSERVATION #2 One of the benefits partners hold dear is that of individual autonomy. While autonomy is a wonderful thing for the individual, it can often hold the firm back.

  7. OBSERVATION #3 Most partners spend 60 - 80 percent of their time on work that could reasonably be done by others at a lower level in the firm. Many partners are perfectly willing to remain well within the confines of their technical comfort zones.

  8. OBSERVATION #4 In the past decade, there has been a concerted effort by many firms to move away from using book of business as the major factor in determining both current and deferred compensation. Firms moving away from “BOB” have gone to a partner goal system.

  9. OBSERVATION#5 Most firm leaders rate themselves quite low on the survey question, “As firm leaders, we have a good track record for setting and accomplishing goals.” Most firms have a weak process for setting partner goals.

  10. OBSERVATION#6 Most partner goal setting sessions last less than an hour. Most partners set their own goals, many of which are not stretch goals. Partner goals are left up in the clouds in terms of detail and follow-through.

  11. OBSERVATION#7 There are numerous barriers to accomplishing individual partner goals, and most firms haven’t invested sufficient time and energy to overcome these barriers.

  12. GOALACCOMPLISHMENT BARRIERS • Poor goal setting process • No system of accountability • Lack of incentives • Busyness – consumed with daily grind • Billable hour shield • Goal fuzziness – off by a few degrees

  13. GOALACCOMPLISHMENT BARRIERS • Book of business protection • Law of status quo • Don’t know where to start • Don’t really care • More support than commitment • Goals focus on individual weaknesses

  14. GOALACCOMPLISHMENT BARRIERS • Tendency to hide behind excuses • Changes in the goal outside our control • Challenges in getting team members together • Individuals are assigned too many goals • Goal follow-up period is 6 – 12 months

  15. OBSERVATION #8 Most partners do what they are compensated for doing, and can’t tie goal completion to personal compensation.

  16. OBSERVATION #9 Many partner goals have been designed to focus on only one area: the partner’s financial metrics and business development. Other areas have seemingly gone untouched because the results were hard to measure.

  17. OBSERVATION #10 Firms have often gone through the vision and strategic planning process with little attention given to connecting the dots between the firm’s plan and the individual partner’s goals and performance.

  18. OBSERVATION #11 The objective in the goal setting process should be to use the partner’s unique abilities, knowledge, and skills (talents) for the benefit of the firm. The managing partner or executive committee coaches, directing traffic and engaging people to play the positions that will help the firm win.

  19. OBSERVATION #12 Too many goal processes seem designed to fix partner shortcomings rather than taking their best talents and building on them. Goals should be inspiring, not remedial.

  20. OBSERVATION #13 Goals will rarely be attained without key elements in place: • In writing, with milestones identified • Buy-in from the parties involved • Clear definition of the deliverable • Clear due date • An accountability partner

  21.  WHAT MAKES A GREATPARTNER GOAL?

  22. A GREAT PARTNER GOAL Plays to the partner’s individual strengths Has commitment from the partner Links in some way to the firm’s strategic differentiators Ties to the partner’s compensation Asks a lot from the partner – stretches him or her

  23. A GREAT PARTNER GOAL Is one of a limited number of goals for that particular partner Is spelled out in sufficient detail for the partner to know exactly what level of effort is needed to accomplish the goal Is tied to a good system of accountability Creates a sense of urgency

  24. ELEMENTS OF A STRETCH GOAL • The goal involves something the partner hasn’t done before (at least at a significant level) • It will require the best effort of the individual seeking to accomplish the goal • It will likely make the individual uncomfortable at various times in the process

  25. ELEMENTS OF A STRETCH GOAL • The partner doesn’t immediately know all the steps it will take to accomplish the goal • The goal probably carries with it some sense of urgency

  26. GOAL CATEGORIES There are six performance disciplines wherein partners can set goals: • Financial Performance • Client Management • Business Development • Team Development • Personal Effectiveness • Leadership

  27. LIMITED NUMBER OF GOALS Each partner should seek to establish four to six stretch goals. One goal could address an area of personal weakness, two to four goals could address personal strengths and one goal could address performance standards.

  28. GOALS AND COMPENSATION Firms that fail to connect goal attainment with compensation rarely get the results they are looking for in partner performance. And when partners miss their goals, a firm cannot expect to achieve its goals.

  29. COMPENSATION PREVIEW The best way to connect compensation and goals is to identify a partner’s potential if goals are achieved and if they are not met. When this is done at the beginning of the year, partners can determine if they think they deserve higher compensation. The significance of the goals might then be increased.

  30. FAILURE PRODUCING GOALS - WHY? • Transfer $250,000 in billings by year-end • Obtain your ABV certification • Coach Mark Peters • Allow Diane Marks to job shadow • Have at least two referral source meetings per month

  31. SET GROUND LEVEL GOALS A successful goal is one that sets the partner up for success, not failure. Establish ground level goals. Most goals should result in a paragraph, not a sentence.

  32.  EXAMPLES OF GREATPARTNER GOALS

  33. EXAMPLE #1 Reduce managed billings to focus more time on bringing in new business. Transfer at least $300,000 in billings by year-end. By January 31, identify the $300K that will be transferred by year-end. By February 15, meet with EC to determine who the clients should be transferred to. By April 30, develop a transition plan for each of the identified clients. By May 1, hold meetings with each of the individuals in the firm to whom the clients will be transferred.

  34. EXAMPLE #2 Bring in at least $400,000 in new business by year-end. By January 15, develop a written six-month personal business development plan that addresses the following areas: 1) Existing clients, 2) Prospective clients, 3) Referral sources. Meet with the EC to review the plan. Work with Judy to schedule quarterly meetings with the EC to review progress towards PD plan. Calendar time each week to work on PD plan.

  35. EXAMPLE #3 Become more of a proactive, forward thinking trusted advisor with firm clients. Read Getting Naked by Patrick Lencioni by January 15 and develop thoughts and ideas that come from this book. Draft a written plan by January 31 to become a PFTTA. Meet with EC by January 31 to review the written plan. The plan should include planning meetings with A- & B-level clients.

  36. EXAMPLE #4 Coach Sandy Powers to become partner-ready in three years. Work with Judy to calendar monthly meetings with Sandy for the entire year. Arrange to get Sandy a partner-level evaluation and present that evaluation to her. Set specific goals in two or more of the areas of discipline in order for Sandy to make significant progress before her review the following year. Meet with Steve Andrews to ensure Sandy is scheduled on the right engagements to help grow her leadership skills.

  37. EXAMPLE #5 Mentor Mark Peters to improve his business development skills and results. Arrange for Mark to receive a partner evaluation and review the evaluation with him. Develop a written plan to help Mark improve his BD skills and results and meet with Mark every month to review his progress on the plan. Take Mark to meet with at least two clients and two prospects each month.

  38. EXAMPLE #6 Meet with two referral sources each month. Review/update network database at the beginning of each month. Each month identify two good leads to contact and coordinate meetings with. For each of those meetings develop a plan of attack, including types of things you want to say about yourself, questions you want to ask to get a better sense of their business and business needs, establishing who their centers of influence are, and next action steps.

  39. EXAMPLE #7 Become a Most Valued Trusted Advisor with clients. Meet with at least two different clients at their place of business every month and take at least one other member of the firm to every visit. Calendar these visits at least one quarter in advance and ensure the team member has the visit calendared as well. Prepare a brief written report on these visits at the end of each month and send to the EC.

  40.  QUESTIONS AND ANSWERS

  41. UPCOMING EVENTS Management Presentation The Best 7 Things to Do to Reduce Underperformance December 13 & December 20, 2012 LeaderSkills Lessons Introductory Call December 13, 2012 High Performance Firms Introductory Call January 14, 2013 Emerging Leaders Academy Introductory Call January 16, 2013

  42. Thank You! sama@upstreamacademy.com

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