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.
Richards Butler will introduce a new merit-based calculation into equity partners' remuneration once its merger with US firm Reed Smith goes live on 1 January.
For the first time UK-based partners will receive credit for introducing business to another department in the firm from next year.
Partners at Reed Smith already receive credit in this way, so the move is both an attempt to encourage cross-selling and a significant shift to bring the UK's profit-sharing system more into line with that in the US.
Richards Butler managing partner Roger Parker revealed the initiative at a recent conference on management hosted by The Lawyer.
Parker said it had been immediately apparent, once merger discussions between the two firms began, that there were many similarities between both firms' performance-related remuneration systems.
However, Richards Butler's partners had been particularly impressed by one item, he added, which was the concept of rewarding partners for cross-selling.
"We'll introduce a new system whereby partner X will get rewarded for introducing business to partner Y, even if X has nothing to do with the file," explained Parker.
Richards Butler is currently moving from an acccruals-based remuneration system to cash-based accounting, in line with Reed Smith.