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Barlow Lyde & Gilbert (BLG) has secured a 10-year lease on its London headquarters, making a saving of more than £20m over the next decade.
BLG chief executive David Jabbari said: “The security of low-cost London premises for 10 years, and the removal of up to £24m in property costs over that period, is a great base for a sustained period of profitable expansion in the UK and internationally.”
The firm’s City building will be refurbished as part of the deal.
The move comes after the firm completed the recalibration of its partner remuneration system. BLG unveiled plans to ditch modified lockstep in favour of a merit-based system in February (The Lawyer, 8 February). Its new system of pay bands will replace the old lockstep system of 30-100 points.
Jabbari said: “Fixed-share partners will allow greater flexibility in partner promotion and recruitment, and merit-based remuneration will reward our star performers.”