Pannone has shaken up its partnership model and made up seven lawyers to the new role of junior equity partner but none to full partner, in its annual round of promotions.
The firm has abolished the role of salaried partner and introduced directors and junior equity partners to its structure as the first step in what managing partner Emma Holt describes as its “talent management programme”.
Junior equity partners will be required to contribute capital to the business, though the firm would not comment on how much. The role has been designed “as a stepping stone through to full equity and has been awarded to those with a positive market profile,” a firm spokesperson said.
The director role will be open to the firm’s senior lawyers and non-lawyers, who will assume the title legal director and business services director, respectively.
Salaried partners, who have seen their role abolished, will become either directors or fixed-share partners. According to the firm, around half of its salaried partners have become directors, with the other half becoming fixed-share partners.
Seven lawyers were made up to junior equity partner: fixed-share partners Samantha Blackburn, David Brown, Beverley Darwent, Nicola Marchant and Fiona Wood, and salaried partners Sara Teasdale and Zia Ullah. No one was made up to full equity.
Two senior associates - Vicky McLynn and Amy Chandler – were made up to fixed-share partners this year. Senior associate Caroline Dawson-Gerrard was made up to legal director, while digital marketing manager Steve Simpson and IT staff Luigi Salzano, Dan Morton and Chris Styles were all made business services directors.
In a statement, Holt said: “In order to deliver our future plans for the business, maintaining and growing a vibrant partnership structure is critical to achieving our goals. Therefore, the first step of a firm-wide talent management programme has been to revamp our partnership structure.
“The new position of director and the creation of junior equity members reflect a modern and innovative firm which is now in an excellent position to deliver our future plans for the business.”