BCLP partners to be rewarded for cross-selling in shift to US-style merit-based pay
Boost cross-selling efforts for better remuneration, BCLP partners told
May 31, 2018 at 10:59 AM
3 minute read
The original version of this story was published on Law.com
Bryan Cave Leighton Paisner (BCLP) has told its partners that individual cross-selling efforts will influence their pay, following the merged firm's shift to a US-style merit-based pay structure.
Partners attending the combined firm's first-ever partner conference in Florida earlier this month were told that BCLP's remuneration committee would take into account individual partner's contributions to cross-selling efforts when calculating their earnings.
The ramped-up expectations around referrals are part of the firm's drive to boost integration between the UK and US arms of the business.
One partner who attended the conference said: "Both parties have realised they have great clients, but management spent a lot of time talking about how we are being remunerated like we are to encourage collaboration and cross-selling.
"It was really drummed in that, being one firm, we have a huge market advantage and that hunting in packs is going to be key," they added.
As part of the union, legacy Berwin Leighton Paisner (BLP) partners dropped the UK firm's modified lockstep, shifting towards a system that sees all BCLP partners paid on a hybrid merit-based structure more closely aligned with legacy Bryan Cave's structure.
Under the new structure, BCLP partners are told their projected earnings at the beginning of the financial year, with drawings then paid out during the following 12-month period.
Since the merger went live in April, about 220 new business opportunities have been created through the sharing of clients and work between both sides of the firm. These range from direct referrals to opportunities to pitch to existing clients.
Another BCLP partner added: "Partners are very personal with clients at both firms, so improving the cross-selling element was talked about a lot. There was huge emphasis on not just reverting back to being two separate firms and how the focus on being one firm during the merger talks was all part of that."
As part of the transition to the new payment system, legacy BLP partners will be paid using BLP's lockstep system for the eight-month period running from 1 May 2017 to 31 December last year. Profit share will be paid out during the course of this year, in addition to projected drawings for the merged firm, meaning they effectively receive pay for two separate financial years at once.
Speaking to Legal Week in April, BCLP co-chair Lisa Mayhew said: "We genuinely believe that the service you get as a client is more seamless, efficient and valuable if you institutionalise that 'we are one team, one firm, one culture, one profit pool' mantra. If you have that structure, you blow out the barriers of providing services to a client."
A BCLP spokesperson said: "The spirit and output of the conference was consistent with our goal to become the most integrated and connected global law firm in the best interests of clients."
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