The Lawyer Asia Pacific 150 is the only research report to provide a ranking of the top 100 independent local firms and top 50 global firms in the region. The report offers critical review of some of the fastest growing firms and their strategies, a country-by-country guide to leading legal advisers and legal services market trends, plus exclusive insight into the current business development opportunities in the Asia Pacific. Read more
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.
Clifford Chance has reneged on its bold plan to form an all-equity partnership, according to new proposals unveiled internally last week.
Although the lockstep review group floated the idea of an all-equity partnership with rungs at the lower level earlier this summer, this has now been rejected following three months of consultation with nearly 300 partners.
"Half our partnership in Germany are non-equity partners compared with only about 50 in London," said one Clifford Chance source. "It would be a major issue to convert all of the Germans to equity partners."
Clifford Chance insiders say that the eight-page document now recommends that the firm should retain the hierarchy between equity and non-equity partners, but that entry into the lockstep should be made more flexible.
The current rules allow junior partners to shadow the equity on eight, 16 and then 20 points. After three years they then join the equity on 40 points and reach the plateau of 100 after eight years.
Under the new proposals, junior partners may be able to enter the equity after only one year, which would require exceptional performance. That entry, on 20, 30 or 40 points, would be calculated by reference to the economics of the jurisdiction.
The proposal of a third superpoint ladder has also been watered down. London partners have vociferously objected to this dilution of the lockstep principle, but US partners may yet vote for it. One Clifford Chance partner said: "[With these proposals] we can have a third ladder, but an office has to vote to opt into it."