Partner Remuneration – Partner Contribution and Reward Survey: Summary of Responses

Mar 23, 2017

In January 2017, the Professional Practices Alliance launched a survey to give people the opportunity to provide confidential views on the extent to which their firm's partner remuneration system was perceived as being:
  • Transparent and fair,
  • Achieving the right balance between important financial and non-financial expectations of partners,
  • Flexible enough to reward, attract and retain high performers and
  • Effective in driving the firm's overall business strategy.

The results of this survey can be viewed here.

Partner Contribution and Reward: Creating Partner Remuneration and Evaluation Processes to Drive Your Firm’s Business Strategy”

Mar 23, 2017

From “dog bowling” in an “eat what you kill” profit sharing structure, to how to distinguish between and handle the “gorilla” or “elephant” rain-making rogue partner in a firm’s reward system, the visceral language flying around at the interactive Professional Practices Alliance breakfast seminar on Partner Contribution and Reward on 31 January 2017 was in keeping with what was a lively, topical and engaging session.  

Click here to read the full report from the session. 

Partner Remuneration: Creating Partner Remuneration & Evaluation Processes to Drive our Firm's Business Strategy - A Video Seminar

Mar 23, 2017

 
In January 2017, the Professional Practices Alliance hosted a well-attended breakfast seminar entitled "Partner Contribution and Reward: Creating Partner Remuneration and Evaluation Processes to Drive Your Firm's Business Strategy".  
 
In March 2017 the session was rerun and recorded to allow more people access to this interesting discussion.
 
The video seminar can be viewed here
 
Clare Murray of CM Murray LLP chairs the session in which David Shufflebotham (Partner Contribution & Reward Specialist and Founder of PEP-UP Consulting Limited), Bettina Bender (Partnership and Employment Law Specialist, CM Murray LLP) and Corrine Staves (Partnership Specialist, Maurice Turnor Gardner), discuss key issues relating to partner contribution and reward.
 
The discussion considers the following issues using real-life examples and experiences from professional services firms:
 
  • How can firms create a new partner evaluation and reward structure to drive the strategic business plan and ensure all partners are pulling together in the same direction?  
  • How do you balance and weigh business development, cross referral, mentoring, leadership, conduct and other key expectations, against all important financial targets?  
  • What governance structures and management skills will you need to get your new partner evaluation and reward systems to work?  
  • And what about partners on maternity leave, on long term sick leave, or on part-time/flexible working - how should your reward system minimise those risks as far as possible?

What New and Prospective Partners Need to Know

Mar 16, 2017

On 16 March 2017, the Professional Practices Alliance hosted an evening seminar:

What New and Prospective Partners Need to Know

The slides from the seminar can be viewed here.

The seminar was attended by a number of new and prospective partners from a variety of law firms.

Clare Watkins, Partner at Buzzacott LLP, Corinee Staves, Partner at Maurice Turnor Gardner LLP and Sarah Chilton, Partner at CM Murray LLP discussed a range of topics including:

  • What do the firm’s accounts actually tell me?
  • How do I make sense of my capital/current account?
  • Why does my firm’s choice of year end affect how I am taxed?
  • How do I know how much to reserve for tax and should the firm do this for me?
  • Will I be required to contribute capital to the firm?
  • What should I expect to see in the LLP agreement?  Should I (or can I) object to anything before I sign?
  • What are the legal implications I need to consider?
  • What are the decision making powers and arrangements in the LLP agreement?
  • How will I be remunerated?
  • What are the legal implications of becoming a partner?
  • Am I an employee, a worker or something else?
  • What happens when I leave? Can I be forced out?
  • Will the restrictive covenants in the LLP agreement be enforceable against me?

Female Partner Quotas for Law Firms: Seminar Report

Sep 28, 2016

 
I’m fundamentally opposed to quotas for women in the same way that I would be for quotas for blue eyed people

Such was the opinion of one of the panellists at the “Female Partner Quotas for Law Firms” interactive breakfast seminar earlier this year, organised by the Professional Practices Alliance. Panellists and attendees alike debated their views on whether or not law firms should adopt mandatory quotas or voluntary targets to increase female representation in law firms at partnership level.
 
We are pleased to attach a link to the final report from that seminar, which covered thought-provoking ideas and challenges discussed on how firms may seek to break down the barriers that may be preventing greater gender diversity in law firm partnerships, including adopting supportive workplace mentoring initiatives, flexible working and family friendly rights and even considering changes to traditional partnership structures to remove obstacles to female lawyer  promotion, progression and retention.
 
The panellists included:
 
Clare Maurice, Founding Partner at Maurice Turnor Gardner LLP,
Anne O’Neill, Partner at Orrick, Herrington & Sutcliffe,
David Shufflebotham, Chief People Officer at Osborne Clarke,
Bettina Bender, Partner at CM Murray LLP, and
Anna Birtwistle, Partner at CM Murray LLP (Panel Chair)
 
Please click here for the full Report.