Slaughter and May ally Bonelli Erede Pappalardo has overhauled its payment structure and appointed a new managing partner, as the Italian independent moves to resolve succession issues.

The remuneration changes, which were voted in at a partnership meeting last week (10 September), will see the Italian leader change its profit-sharing model to place less emphasis on individual performance and institutionalise its structure.

The changes will take effect from next year and aim to reward younger partners more evenly in a bid to retain up-and-coming talent.

Bonelli's former remuneration model saw 65% of drawings based on partners' equity points, 25% based on billings and 10% awarded on a discretionary basis by senior management.

The billings-based element has been ditched from the new system, with the lockstep and discretionary elements expanding to 80% and 20% respectively.

The changes – initially proposed in March by a five-partner remuneration committee – were put on hold at a partnership meeting in June after partners failed to reach agreement.

Meanwhile, corporate specialist Alberto Saravalle has been named as the firm's new managing partner, taking over from Umberto Nicodano.

Saravalle will lead a new six-member executive board comprising partners Alessandro Balp, Fulvio Marvulli, Carlo Montagna, Andrea Carta Mantiglia and Marcello Giustiniani. A new compensation commitee including Nicodano, who will oversee the changes, has also been appointed.

Saravalle commented: "We have been successful as a firm but now we need to consolidate that success. We want to give some space to our younger generation and hopefully the new remuneration rules will help in that process."

The changes come as a number of Italy's top firms seek to address succession issues, with Gianni Origoni Grippo & Partners in June introducing the role of senior partner in a shake-up of its management structure. Former managing partner Francesco Gianni was named in the new role, with Rome-based M&A specialist Giovanni Nardulli succeeding him as managing partner.