The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... 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.
After a year of negotiations, Mayer Brown Rowe & Maw (MBR&M) has finally united its US and UK compensation systems, as it emerges that the London partnership negotiated a $10m (£5.4m) extra equity injection for the three years after the merger.
The equity injection meant that some 20 UK equity partners have been on enhanced remuneration packages, which have been guaranteed for the past three years.
One source close to MBR&M said: "The global profit share is not run by reference to profit centres."
The firm's new global compensation marks the end of modified lockstep for the UK partners as they enter an annually redefined meritocracy. However, in practice, seniority is a factor in the compensation of many MBR&M partners.
The amalgamation of the two profit pots also marks the beginning of a period of restructuring in the UK. Sources close to the firm have indicated that they expect as many as 10 partners to leave in the course of the year.
In a separate move, MBR&M has also abolished its general London board in favour of two separate management committees: a strategy committee headed by litigation partner Sean Connolly and a finance committee headed by real estate partner Jeremy Clay. Senior partner Paul Maher will remain on the global management board.