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Taylor Wessing is planning to restructure its compensation process as the firm edges towards a common accounting system for the UK, Germany and France.
One of the key proposals is for an annual review of partners’ profits. Profits are currently allocated on a bi-annual basis.
The process, which is not yet completed, began in January. “It’s a fairly touchy subject,” said managing partner Gary Moss, “but this is not the only thing we’re looking at. All professional practice firms have their remuneration structures under review in the light of changing expectations and the current market conditions.”
Moss said that the catalyst for the process was Taylor Wessing’s move to a single accounting system across all of its offices. “I’m not saying we’re going to achieve it this time,” he said, “but that’s the goal.”
Moss would not comment on the percentage of the firm’s partners required in order to change its remuneration structure, nor when the vote would take place.