HSF votes through new merit-based remuneration structure
Herbert Smith Freehills partners have approved details of its new partner remuneration system, introducing a managed lockstep with a strong merit-based element. The new system, which will come into effect at the start of the 2014-15 financial year will see the introduction of a "balanced scorecard" by which the firm will assess partners' performance. The scorecard will take into account a number of factors including financial performance and business development, engagement with staff, client servicing and contribution to the success of others.
December 09, 2013 at 07:32 AM
2 minute read
Herbert Smith Freehills partners have approved details of its new partner remuneration system, introducing a managed lockstep with a strong merit-based element.
The new system, which will come into effect at the start of the 2014-15 financial year will see the introduction of a "balanced scorecard" by which the firm will assess partners' performance. The scorecard will take into account a number of factors including financial performance and business development, engagement with staff, client servicing and contribution to the success of others.
Partners voted on a final version of the changes last week after the firm had previously proposed a number of variations which had been rejected. The system aims to strike a balance between legacy Herbert Smith's rigid lockstep and the more merit-based structure of Australian merger partner Freehills.
The managed lockstep will run from 43-100 points, which is the same range currently operated by legacy Herbert Smith. Each point will equate to roughly the same value in the new structure, with partners occasionally being held back if they under-perform.
HSF confirmed that there will also be an option for Australia and limited numbers of Asia partners above a certain point to break away from the lockstep. The firm refused to specify at what point on the lockstep this would kick in but said it would affect a relatively small number and could vary year on year.
HSF chief executive David Willis said: "We are pleased that we have been able to deliver a single system with a slight tweak in relation to Australia to reflect other partner remuneration systems in that market."
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