Newly merged Bond Dickinson to combine partnerships with two-tier structure
Newly merged Bond Dickinson is planning to revamp its partnership into a single two-tier structure as the firm's management pushes ahead with the integration of legacy firms Bond Pearce and Dickinson Dees. The union, which went live on Wednesday (1 May), will see the firm adopt Dickinson Dees' two-tier partnership rather than Bond Pearce's three-tier structure, with the merged firm to operate a full equity and junior equity rank with a modified lockstep. A final decision on the move is expected later this year, but it is likely to see Bond Pearce's 25 fixed-share members, who are effectively salaried partners, join either the junior or full equity rank.
May 02, 2013 at 07:03 PM
3 minute read
Newly merged Bond Dickinson is planning to revamp its partnership into a single two-tier structure as the firm's management pushes ahead with the integration of legacy firms Bond Pearce and Dickinson Dees.
The union, which went live on Wednesday (1 May), will see the firm adopt Dickinson Dees' two-tier partnership rather than Bond Pearce's three-tier structure, with the merged firm to operate a full equity and junior equity rank with a modified lockstep.
A final decision on the move is expected later this year, but it is likely to see Bond Pearce's 25 fixed-share members, who are effectively salaried partners, join either the junior or full equity rank.
Junior equity partners will receive a guaranteed salary of £50,000 in addition to a share of the firm's profits, while full equity partners' pay will be solely dependent on the firm's performance. Existing partners placed within the junior equity rank will spend two years there before being considered for a move up to full equity. Those promoted to the partnership from this year onwards will spend at least three years as junior partners.
The move comes as Bond Dickinson has confirmed that none of the 142 partners will be subject to a lock-in of any kind following the merger, with the firms sharing a single profit pool from the outset. Both firms posted profits per equity partner of £235,000 for 2011-12.
Bond Dickinson managing partner Jonathan Blair (pictured above with chairman Nick Page) said: "The expectation is that fixed-share partners will move into one of those two categories. We are bringing the two businesses together so we are not having separate profit pools – from day one we'll all be sharing the same levels of profit."
The firm, which is taking up 20,000 sq ft of Lawrence Graham's unused More London Riverside offices, has also confirmed its combined practice and sector heads, with the four practice heads comprising two from Dickinson Dees and two from Bond Pearce, while the sector heads are made up of five legacy Dickinson Dees partners and two from Bond Pearce.
Bond Dickinson practice and sector heads
Practice heads
Corporate: Simon Watts
Dispute resolution: Gareth Kagan
Real estate: Fiona O'Kane
Private wealth: David Dale
Sector heads
Energy: Luke Gabb
Financial institutions: Andrew Scott
Petrochemicals and manufacturing: Peter Snaith
Private wealth: David Dale
Transport and infrastructure: David Rewcastle
Retail: Gavin Matthews
Real estate investments: John Ralph
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