The biorthogonal 9/7 wavelet is used for lossy compression in the JPEG2000 image coding standard. A hardware implementation of the standard must consider the accuracy and the efficiency with which the quantized filter coefficients are represented; filter structure is also an important design consideration. A high precision representation ensures compression performance close to the unquantized, infinite precision filter bank, but this comes at the cost of increased hardware resources and processing time. This paper proposes a gain compensation method that significantly improves the performance of the quantized filters without sacrificing efficiency. Our best new method achieves performance close to the unquantized filter case while also realizing a fast, efficient hardware implementation.