Taylor Wessing creates joint pay committee
Legal Week Reports
April 06, 2005 at 08:03 PM
2 minute read
Taylor Wessing has introduced a single body to assess partners' remuneration as the Anglo-German firm moves to integrate its two primary partnerships.
A newly-created joint remuneration committee is due to meet for the first time in May. Its brief is to harmonise the criteria for assessing and rewarding partners in the firm's UK and German arms, which still operate as financially-separate part-nerships.
The 10-member umbrella group, which for the first time gives the two sides a say over their counterparts' remuneration, will be headed by Taylor Wessing managing partner Michael Frawley. It consists of four UK partners, four German partners and one French partner.
Frawley told Legal Week that the committee was part of a broader integration push, and was currently drawing up plans to align the system used by the firm's UK and German partnerships.
He said: "Both the UK and German offices had a means of self assessment, but we are now working on producing the same criteria."
Although both sides operate merit-based pay for partners, the process is regarded as internally sensitive as the German practice is known to be less profitable than its London counterpart.
The two sides of the practice, which was created by the 2002 merger between Taylor Joynson Garrett and Germany's Wessing, also largely operate a dual-management and practice structure – a stance which has led some to question the logic behind the tie-up.
The firm's Frankfurt office is believed to be the biggest opponent of a full merger. But the firm did agree in March to introduce a band of salaried partners in Germany to align itself more closely with the UK.
The launch of the remuneration body comes as Taylor Wessing draws up its strategy for future expansion with the firm currently focusing on launches in Italy and Spain.
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