Remuneration and international strategy up for review as Elliott becomes senior partner

Linklaters could be set to back away from its decision to reduce its international salaried partner rank following the election of former banking chief Robert Elliott as the magic circle firm's new senior partner.

Elliott, who saw off litigation chief John Turnbull and European managing partner Jean-Pierre Blumberg to win the role last week (2 May), is planning to consider making the firm's partner remuneration system more flexible – looking at both the lockstep and the 
salaried or national partner rank.

The plans come after Linklaters began a process of reducing its salaried partnership in 2008 at the same time as moving its reduced-earning equity partners in Germany onto its core lockstep. It started moving closer to an all-equity model, although insisted it would always maintain some national partners.

Elliott said: "I am a firm believer in the lockstep system of remuneration. The review will look at whether we should have more flexibility."

Linklaters' international strategy is also high on Elliott's agenda, with further expansion in the Middle East and Asia a key priority, as well as putting more emphasis on financial services and regulatory work.

"We need to capture the flows of client activity and this will take us eastward and southward," said Elliott. "It is important to strike a balance between servicing longstanding clients and targeting aspirational ones."

Elliott will formally take up his new post on 1 October, replacing David Cheyne.

Elliott intends to maintain some client-facing work as well as taking on the traditionally ambassadorial role of senior partner. Before he takes up his new post he will help select his successor as head of banking. Potential candidates include London-based banking partners Gideon Moore and Tom Wells, as well as Milan banking partner Davide Mencacci.