Seddons rolls out commission-only pay
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West End firm Seddons has become the latest firm to offer commission-only pay deals for lawyers as part of a trend that would have been unthinkable before the recession.
Seddons now employs a handful of consultants who have no basic salary, instead taking home a portion of the money they bring in.
Other firms, including Davenport Lyons and Keystone Law, are understood to include a significant commission element in contracts for new hires.
Seddons managing partner Robin Austin said: “I don’t think you can afford to just pay someone a high basic salary without any assurance that they can cut it.”
A number of Seddons partners are also on commission-heavy packages.
West End-based Cramer Pelmont employs all of its seven partners on a commission-only basis. They earn between 40 and 50 per cent of what they bill and can hire associates using income from clients.
Cramer Pelmont managing director Alex Brassey said: “The only people that come here are those with genuine followings.”
Readers' comments (1)
Justin, iLaw | 28-Sep-2009 4:35 pm
At last firms are beginning to understand that the salary-orientated culture of lawyers must become a thing of the past.
It's not quite true that this model would have been unthinkable before the recession - we thought of it, and did it!
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