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South East firm Thomas Eggar is set to overhaul its partner remuneration structure in a bid to boost profits and attract new talent.
As revealed in this year’s The Lawyer UK 100 Annual Report, the firm is considering proposals to move away from the current equity structure, featuring a lockstep with a 10 per cent bonus pool, towards a modified lockstep with a more significant merit element.
Thomas Eggar managing partner Tony Edwards said: “The onsultation process is ongoing and we’re yet to decide formally on the structure.”
The proposal, which may enable partners to be accelerated up the lockstep or moved downwards, will be put to the partnership in October.
The bulk of regional South East firms in the top 100, including ASB Law, Cripps Harries Hall, DMH Solicitors and Lester Aldridge, operate a modified lockstep with a significant merit element.
Last year, turnover at Thomas Eggar hit £27.1m, with staff numbers increasing from 102 in 2002-03 to 190.