The UK firm's 12 partners have been moving away from lockstep towards a merit-based system and now join Faegre as part of the 240-strong equity partnership with a new remuneration system.
“We have a merit-based system that's very subjective,” said Tom Morgan, a senior partner at Faegre who sits on the eight-man committee.
The system is based on 10 factors, including fees generated, teamwork, practice development, community service and treatment of associates. The remuneration is not disclosed to the partnership.
“It's unique and has a lot to do with trust,” said Morgan. Following a six-year relationship, Hobsons' partners are willing to trust the committee.
Morgan also admitted: “Our most highly compensated partners probably don't make as much as they would at another firm.”
