The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... 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.
The 50-partner insurance specialist previously had a 2:1 spread that saw partners gradually move up to plateau level after 14 years.
Reynolds Porter has now introduced levels within the spread where the performance of the partners must be assessed.
Raising a level is not automatic. Partners will only move up to the next stage if they pass the assessment process.
The assessment will not only look at traditional elements such as fee income but will address contributions to the firm as a whole. This could include demonstrated leadership and marketing skills.
Exceptional partners will be able to move more swiftly towards plateau, just as partners who are thought to be underachieving could face deceleration.
Last year, the firm, which specialises in corporate, insurance and media, reported gross fees of £24.1m. Profits per partners were £203,000 with top of equity taking home £309m.
Last month, magic circle giant Freshfields changed its lockstep from a 2:1 spread over 10 years to 2.5:1 over the same period to bring its system further into line with merger partner Bruckhaus Westrick Heller Löber (The Lawyer, 19 June).