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In a period of generous salaries being paid to CEO's, I find this tactic to be in stark contrast to compensation paid to Managing Partners. Businesses clearly believe that their CEO's deliver value to justify the high salaries, yet seldom do I hear similar consideration for the very under-valued Managing Partner.

Even the smallest of law firms are multi-million dollar businesses with complexities that would challenge the most seasoned executive. Yet partners begrudge paying anything but the most modest stipend to their CEO. In fact, most Managing Partners take an income hit by devoting hours to management rather than the more valued billable client hours.

Some firms may have excellent administrative support staff but managing a law firm is beyond day-to-day operations. Contemporary management thinking is that the role of the Managing Partner is 80% leadership and 20% management - and hopefully 0% administration. The safer route - and the expected route - is to be immersed in administration. This style leads to a law firm performing below its potential. What is required is a bold and confident approach.

During compensation engagements, we are beginning to find there is growing recognition of the value of management and leadership. Compensation, however, continues to be modest. As a result, most management is unexceptional since the principle that "you get what you pay for" prevails.

One creative suggestion is to pay the Managing Partner a specified percentage of the average of the top three income earners in the firm. The theory is that effective management that supports and grows the top earners will have a trickle down effect throughout the firm. It seems to be an effective measure of the success of the Managing Partner.

David Maister, a leading thinker in law firm management, provides an insightful expression to drive home the issue: "Billable hours are your income; non-billable hours are your future."