Tonucci in structure revamp to head off top-level disputes
Italian independent Tonucci & Partners has shaken up its management and remuneration structure as it attempts to avoid the strategy disputes suffered at some of its rivals. The Mayer Brown ally has opened up its decision-making process to all of its 27 equity partners and has scrapped the need for the partnership to require approval from the firm's founding partner, Mario Tonucci.
November 07, 2007 at 10:59 PM
2 minute read
Italian independent Tonucci & Partners has shaken up its management and remuneration structure as it attempts to avoid the strategy disputes suffered at some of its rivals.
The Mayer Brown ally has opened up its decision-making process to all of its 27 equity partners and has scrapped the need for the partnership to require approval from the firm's founding partner, Mario Tonucci.
The partnership will also be responsible for appointing a three-member executive committee, which includes the firm's managing partner and will be responsible for the day-to-day running of the firm.
For the first time, partners have held an election to appoint a managing partner and have voted for Tonucci to continue in the role. Tonucci started the firm after breaking away from legacy firm Gianni Origoni & Tonucci in 1994.
The board, executive committee and managing partner will all serve two-year terms.
In addition, Tonucci has ditched its lockstep model in a bid to place more emphasis on individual performance.
Sixty-six percent of partners' remuneration will now be merit-based, compared with the current level of 40%. Fixed drawings will drop from 60% of partner pay to 33%.
A remuneration committee will be appointed each year to oversee the process.
The changes, which were introduced in the summer and will be implemented over the next 10 years, will see all partners receive the same basic rate of pay, regardless of their seniority.
The news comes in the wake of the problems facing Gianni Origoni Grippo & Partners after the firm's executive committee and around 100 lawyers decided to break away, representing one of the most significant break-ups of a leading European independent law firm.
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