Following the announcement of its US merger, Withers has changed its partner remuneration system and announced a New York office, complete with a managing partner brought in from Cadwalader Wickersham & Taft
Cadwalader private client partner Ed Granski will head the New York office and will be joined by Withers London partner Ian Marsh and US partner Dave De Brow. Withers merged with US private client firm Bergman Horowitz & Reynolds, based in New Haven, Connecticut, early this month. The US and UK sides of the merged firm have changed their old partner remuneration schemes to mirror each country's traditional systems. Before the merger, 75 per cent of what Bergman Horowitz partners took home each year was based on their performance, the other 25 per cent being made up of a fixed share of the profits. Withers relied more on a traditional English lockstep, with much less of a bonus element, said Withers US managing partner Bill Swift. Partners on both sides of the Atlantic will now be paid half on performance and half on fixed share. The fixed share system for both firms will be like a ladder, said Swift, with partners moving up or down depending on performance. Withers has also appointed a new partner, Astrid Owen, previously of Bryan Cave, to join its private client team in London.