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.
A handful of Asian partners at Herbert Smith earned more than £1m each last year.
The highest-earning partners each scooped £1.07m, despite partners at the top of equity earning £950,000, according to the firm's recently released limitedliability partnership accounts. Average profit per equity partner for the last financial year was £839,00.
Herbert Smith said this additional payment was made to cover the partners' cost of living. The Asia practice is the largest revenue generator outside the City, and reported a turnover of £35.52m, or 12 per cent of worldwide revenue. The firm has offices in Bangkok, Beijing, Hong Kong, Singapore, Shanghai and Tokyo.
Herbert Smith operates a relatively short pure lockstep model. Partners typically enter the equity after spending three to to four years as salaried partners. Upon entering the equity, partners receive 43 points and automatically gain seven points a year over eight years.