Ashurst has voted in changes to its partner remuneration structure, adding an extra 10 points to the top of the equity ladder and introducing a bonus pool.

Legal Week first revealed that the firm was planning changes to its system last month.

The changes, voted in yesterday (1 August), take the top of the equity ladder from 65 to 75 points for star performers. The bottom of the ladder will remain at 25 points.

The firm has also introduced a bonus pool, which can be used to reward full equity and fixed share partners for strong performances in a particular year. It is understood that the firm will set aside a share of the profit pool to be used for partner bonuses.

Ashurst will also award fixed share partners a greater share of the equity, boosting the percentage of their pay that is linked to the firm's profits.

A spokesperson for Ashurst said: "This is an evolution of our system, which gives us more flexibility to reward high performance. We have had strong support and engagement from partners throughout the process."

The changes are intended to make it easier for the firm to reward strong performers and encourage partner buy-in at a time when average profit per equity partner (PEP) has fallen to its lowest level in more than 10 years.

Ashurst announced a 19% plunge in PEP to £603,000 and a 10% fall in revenue as a result of challenging economic conditions, exposure to currency fluctuations and investment in new partner hires.

One partner inside Ashurst said last month: "Given where our PEP currently is, we need something to reward people."

He added that the new plateau will be available only "to a very small, exceptional minority".

Ashurst's bruising set of financial results for the 2015-16 financial year saw turnover drop to £505m, down from £561m last year.

Ashurst last reviewed its lockstep in 2007, when it brought in a super-plateau 65-point level as part of an overhaul that rebased the ladder from 20-50 points to 25-65 points, with a number of gateways.