The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... 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.
Haarmann Hemmelrath has completed a major internal reorganisation, overhauling its profits distribution system and partnership structure.
From July, the German firm will move away from an “eat what you kill” style of remuneration, and instead will opt for a lockstep-style system of remuneration for its junior equity partners. This is designed to reflect seniority as well as individually assessed performance.
On top of the structure, there will be a small bonus pool to reward what the firm describes as: “outstanding performance, including in particular successful acquisitions.”
Haarmann’s founding partner Alexander Hemmelrath said: “The new system creates above all increased financial security, in particular for young partners and lateral hires for whom the risks of a predominantly performance-based remuneration are difficult to calculate.”
In addition, the partnership will be restructured into individual national partnerships with an umbrella international organisation sitting above it.
Those partners currently classed as “junior” will become “national” partners.
While equity partners will also be partners of the umbrella international partnership. This will allow the firm to continue to operate in less profitable jurisdictions whilst paying the most productive partners out of the international profits pool.
Hemmelrath said: “Our objective is still to drive forward and expand those offices we regard as being of strategic importance. We will continue to maintain our broad national and international presence.”
According to the firm a large majority of partners voted in favour of the changes to the partnership.