Ashurst moves six 'super-plateau' partners down from top of lockstep
Ashurst has moved six partners down from the top of its lockstep for the first time since the firm's modified system was introduced six years ago. The move comes after the firm brought in the 'super-plateau' 65-point level in 2007, in an overhaul of its remuneration system which saw it rebase its lockstep from a 20-50 point ladder to a wider 25-65 point scale, allowing to better reward star performers.
May 07, 2013 at 06:19 AM
2 minute read
Ashurst has moved six partners down from the top of its lockstep for the first time since the firm's modified system was introduced six years ago.
The move comes after the firm brought in the 'super-plateau' 65-point level in 2007, in an overhaul of its remuneration system which saw it rebase its lockstep from a 20-50 point ladder to a wider 25-65 point scale, allowing to better reward star performers.
Ashurst head of international finance Nigel Ward sent a note to the firm's equity partners over a month ago informing them of this year's changes. It is also understood that some partners have been de-equitised to junior partner status as part of a the shake-up, while others have been moved up.
Ashurst's remuneration ladder runs from 25 to 65 equity points, with levels at 29, 33, 37, 41, 45, 50 and 57, on which partners are approved annually.
It is understood that former senior partner Geoffrey Green, who has stepped down as the firm's Asia head, is likely to be one of the six partners affected.
Green retired from the partnership at the end of the financial year and will now work on a part-time basis in London, supporting new Asia head Matthew Bubb, who took over the role on 1 May.
Green will also assist with the integration and finalisation of the firm's merger with Australia's Blake Dawson. Partners at Ashurst are expected to vote on a full financial merger with Blake Dawson – now known as Ashurst Australia – some time between now and 2014.
Ashurst made up 12 lawyers in this year's partner promotions round, including seven in London. The number was down on the firm's 2012 promotions round, when 16 lawyers were made up, with 11 in the City.
Other recent hires at the firm include former Allen & Overy (A&O) finance chief Brian Dunlop, who starts at Ashurst today as chief financial officer. Dunlop replaces Nigel Morland, who is stepping down.
Ashurst declined to comment.
For more, see Top partners face cuts as Ashurst overhauls lockstep.
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