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Charles Russell has introduced a bonus for equity partners for the first time in a bid to shake up partner performance.
The firm has modified its lockstep, giving it the facility to reward partners on a performance-related basis by up to 30 per cent of remuneration.
The bonus will be allocated by an elected four-partner remuneration committee headed by former managing partner Grant Howell.
Charles Russell’s traditional seven-rung lockstep for full equity partners, which starts at 60 points and rises to 120 points with no gateways, remains in place.
Chairman Michael Scott pointed out that most partner remuneration at Charles Russell will remain lockstep-based, but added that the performance-related element was designed to help the firm grow its business by increasing pay flexibility.
“We’re looking to attract quality people and you need a bit more flexibility than lockstep allows,” he said.
Earlier this year Charles Russell overhauled its partnership structure, converting its salaried partners to fixed-share equity. At the time each fixed-share partner was asked to inject around £10,000 into the business.
The firm also recently changed its management structure, scrapping the role of managing partner in favour of a six-partner board chaired by Scott.