The Lawyer Asia Pacific 150 is the only research report to provide a ranking of the top 100 independent local firms and top 50 global firms in the region. The report offers critical review of some of the fastest growing firms and their strategies, a country-by-country guide to leading legal advisers and legal services market trends, plus exclusive insight into the current business development opportunities in the Asia Pacific. 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.
Lovells has concluded the first stage of its protracted lockstep review after agreeing to increase the number of points available to new equity partners.
As first reported on www.thelawyer.com (9 August), the partnership council agreed last month to increase entry level points to 30.
The council has also agreed to review the points allocated to partners who entered the equity on 24 points. However, this is still subject to a partnership vote later this year.
Senior partner John Young told The Lawyer: "There was widespread support for applying the partnership council's new powers retrospectively and we're therefore confident that partners will vote in favour of the proposal."
Until the recent change was introduced, Lovells' lockstep ran from 24 points to 60, with an increase of three points every year over 12 years.
The second limb of the lockstep review is aimed at introducing more flexibility at the top end of the lockstep. The firm has denied that this was a defensive measure in the wake of some high-profile departures, including that of the private equity team to US firm Weil Gotshal & Manges.
Lovells radically overhauled its remuneration system at the start of the year, which gave the firm powers to move underperforming partners down the equity ladder or to freeze them on certain points, with the agreement of the partners concerned.
The move followed a 14-month review, which showed there was very little partner appetite for adopting a system that encompasses a bonus pool or a global super-points system to reward outstanding revenue generators.