Travers Smith has increased the number of years salaried partners have to spend in the role before they become full equity partners.
Lawyers made up to the partnership will now spend four years as junior partners, or fixed-share partners, which is up on the three-year track previously in place.
The measure affects this year’s new partners but does not apply to those already on the fixed-share ladder.
Junior partners earned roughly £123,000 on average in 2010-11 and are also eligible for a bonus from the firm’s merit pool. This compares with the £338,000 earned by the lowest-paid equity partner, with average profit per equity partner standing at £650,000.
The measure was introduced as an alternative to pushing back partnership promotions by a year.
The City firm claims to make up partners earlier than many competitors, with appointments taking place in July, shortly before associates have reached eight years’ post-qualification experience.
Managing partner Andrew Lilley said: “The junior equity partner track here reflects the fact that our partnership promotions tend to take place earlier than what’s perhaps
now becoming the norm.”
Travers has 43 full equity partners and 16 junior partners, with those at the top of equity earning £1.1m.
The firm made up five partners this year, including one part-time partner. The promotions were in corporate, financial services and markets, banking and tax.