‘Cash is king’ is a well-worn cliché. But, looking at data on the financial performance of law firms, as a profession we are not improving. As banks are more cautious about lending to lawyers, performance against financial metrics become more vital to our businesses.

Every firm has a number of key performance indicators. They are likely to include fees, lockup and chargeable hours. But, not all firms have adopted targets and incentives to encourage delivery of these targets. I propose below a simple system to encourage equity partners to perform against targets.

The purpose of targets is to encourage better billi...

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