SNR Denton star to receive £650k in new pay regime despite PEP dip
SNR Denton's top-earning UK partner looks set to take home around £150,000 more during 2011-12 than last year under a post-merger shake-up of partner remuneration, it has emerged. An internal announcement sent to partners over the summer confirmed the spread of the equity, as well as details of the move to merit-based pay at the UK arm of the transatlantic law firm.
September 07, 2011 at 07:03 PM
2 minute read
SNR Denton's top-earning UK partner looks set to take home around £150,000 more during 2011-12 than last year under a post-merger shake-up of partner remuneration, it has emerged.
An internal announcement sent to partners over the summer confirmed the spread of the equity, as well as details of the move to merit-based pay at the UK arm of the transatlantic law firm.
The highest-earning full equity partner will take home £650,000, while those at the bottom have been guaranteed at least £150,000, compared with an equity spread of between £150,000 and roughly £500,000 last year.
The news comes despite SNR Denton reporting PEP of £232,000 for its UK arm during 2010-11, compared with £360,000 the previous year. Partners at the firm said pay had been cushioned, and that remuneration during the current financial year would have been lower if based on the value of each equity point.
Earnings paid out during the current financial year will be based largely on legacy Dentons' modified lockstep model, with 30% based on merit. From next year partners will be paid purely on merit and have already been told where they sit on a merit ladder to be used for allocating 2011-12 profits. An additional bonus will also be made available on top of the ladder allocation.
The firm, the product of the merger last September between Denton Wilde Sapte and Sonnenschein Nath & Rosenthal, has published details about individual profit allocations for this year and next on a portal which the partners can request a password to log on to.
A spokesperson said: "The changes to the structure see us aligning with the US arm of the practice, where the principle is that greater effort brings a bigger reward."
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