Eversheds puts equity on pedestal

EVERSHEDS has introduced more stringent appraisal measures for fixed-share partners who have aspirations of entering the firm’s equity.

As part of its remuneration structure review, the national firm will now hold regular appraisals throughout the year in addition to formal annual performance development reviews.

Eversheds managing partner Lee Ranson said: “We want to align performance reviews for fixed-share partners with reviews of equity partners.

“We encourage reviews every few months so that there’s greater clarity and more understanding on development.”

The move comes after the firm completed its second remuneration review after implementing a merit-based compensation structure in 2006.

Ranson said: “Fixed-share partners with equity aspirations would clearly like to be at the top end of the review. The aim is for there to be a much clearer career path.”

Last week (27 May) TheLawyer.com reported that Eversheds’ average profit per equity partner figure had dropped by 27 per cent during the 2008-09 financial year, down from £552,000 in 2007-08 to £404,000.

The firm’s overall turnover dropped by 6 per cent, from £390m to £366m .