When a group of managing partners settle into a conversation about firm leadership, the topic – sooner or later – turns to partner compensation. Over the years, we’ve seen systems that range from pure formula with heavy emphasis on personal collections to mostly subjective with an emphasis on difficult-to-quantify “firm-building” contributions. What’s the best system for a smaller to mid-size firm in today’s environment? More to the point, what’s the best system for your firm? Micheal’s article will help answer these questions as he takes us through seven types of systems with commentary on the strengths and weakness of each one.