Mayer Brown promotes a bumper crop to partner By The Lawyer 29 October 2007 15:35 17 December 2015 15:16 Sign in or register to continue reading. It's FREE Sign in Email Password Keep me logged in Forgot your password? Not registered? It's FREE! Register now Register with The Lawyer Anonymous 29 October 2007 at 16:12 Making up or down? Mayer Brown has made up 43 partners this year, but they’re actually down more than that number for the year as they have actually lost more than 90 partners since the last round of promotions (some involuntarily, most not). The failure to get salaried partners through to equity has also meant a further bolt for the door with a number of partners resigning recently and (according to recruiters) many looking to leave. London had until recently been spared the mass defections blighting the firm globally, but even that has now changed with partners even resigning from the firm leading corporate group. Driving all of this (amongst other reasons) is the push to rebalance equity and salaried partners (to artificially inflate PEP) and the relatively poor salaries paid to FSP’s (who earn a little more than senior associates). Indeed, the firm mistakenly released a memo last week noting that the management committee has decided to ensure that salaried partners remain salaried for 5 years, rather than the previously stated 3. Reply Link Anonymous 29 October 2007 at 17:29 Mayer Brown promotions I agree with comment 1 and would add that the leverage and staff retention ratios in Mayer Brown London must be of major concern. The firm has leaked a large number of expensively trained lawyers in the last three years to major opposition. They have to ask themselves why. The answers are tough ones: leadership, values and work life balance are amongst the foremost. Reply Link Overworked and undervalued 29 October 2007 at 18:01 Mayer Brown ratios Ratios are a real issue, not least in the corporate group where there are (despite recent resignations) as many partners as associates. However, internally, salaried partners are basically treated (for PEP and management purposes) as senior associates, so the firm is probably not that upset about the perceived imbalance. The salaried partners probably aren’t that happy about it… Reply Link a partner 29 October 2007 at 18:55 join the club Nice to see other firms having difficulty coming to grips with the PEP accounting issue (based on the non-equity gripes below). Reply Link Anonymous 29 October 2007 at 19:42 work life balance? How many people expect to have work life balance and partnership? Or was the comment below directed at assistant retention? Either way, this doesn’t seem to be a goal for any firm, let alone a US sweatshop like Mayer Brown. Reply Link Anonymous 30 October 2007 at 17:44 3 more years Actually, the memo below said 6 NOT 5 years Reply Link Anonymous 30 October 2007 at 20:10 FSPs heading for the door Mayer Brown does seem to have a problem – I hear many of the FSPs are feeling their contributions are not valued (at least internally) and are heading for the door. It seems a shame to bring in expensive laterals and lose home-grown talent. Reply Link Anonymous 31 October 2007 at 13:57 Mayer Brown’s PEP The PEP game you say they are playing should be easy to look through as is with others. The London bit is an LLP and must file accounts showing the true accounting profit (A). If you then look at the members names reigstered at Companies House you should find all the partners (B). Divide A by B and hold your breath to see if PEP or true PPP is remotely like they tell you it is! Reply Link Firm Accountant 31 October 2007 at 15:04 LLP accounts not always the answer LLP accounts can also be fudged. For example, MB books receipts by way of profits from the US associated firm that are paid to local partners as profits of the LLP, even though they are earnt in the US. Also, some LLP’s use cash accounting, which can be fudged by timing differences. WIP can also be manipulated by artificially bringing it forward. What will be very interesting is if US LLPs that operate in the UK are made to publicly announce results, although that won’t apply to DLA or MB as they operate separate partnerships and profit centres in the US and UK. Reply Link Name Email Cancel reply Threaded commenting powered by interconnect/it code.