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This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Slaughter and May Italian best friend Bonelli Erede Pappalardo has taken the unusual step of introducing a modified lockstep to replace its traditional partner remuneration system, despite its plans to remain independent
After six months of discussions, the 30-partner firm has just approved a replacement partnership agreement introducing new rules on the distribution of profits. Devised by a committee of 12 partners, the new system breaks away from the traditional personality-driven approach of Italian firms. Bonelli's old system was based substantially on merit and client relationships and was therefore weighted heavily in favour of its best-known partners. Committee member Alberto Saravalle said the new system was designed to give all partners and, in particular, junior partners a greater stake in the firm. "The system is aimed at encouraging cooperation and affection for the firm We looked at Anglo-Saxon practices and that is why we have arrived at a lockstep which is slightly modified. "For an Italian firm this is a significant move towards Anglo-Saxon practice. Some firms which have done this are already merged with Anglo-Saxon firms. We have done it because we think it is the only way to deal with the problem of ensuring a safe future for the firm. Otherwise the firm will be based on a few outstanding personalities and our junior partners may be worried about that."