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KLegal and McGrigor Donald will formally seal their merger today and the two firms will begin the process of physical integration
The firms have celebrated by concluding their first joint deal, a property joint venture between Halladale Group and the Bank of Scotland. Despite the rumours, the merger process has been relatively smooth. The most contentious issue in any merger - combining different profit-sharing systems - was put to bed early on. Last November, the firms decided to drop McGrigors' lockstep in favour of KLegal's more meritocratic performance-related pay. The KLegal pay scale, integrated with that of KPMG, is calculated at around 60 per cent on a sliding scale relating to seniority, with around 40 per cent allocated on performance. Basic pay starts at around £150,000 for first year equity partners, going up to around £400,000 with bonu-ses for those at the top.