Ashurst has reinstated a little-used system of partner bonuses as an incentive to attract lateral hires and reward its best-performing partners.
At a quarterly partners meeting two weeks ago, senior partner Geoffrey Green and managing partner Simon Bromwich put in motion the management’s plan to reinvoke the firm’s bonus system.
Although there was some dissent, in principle the firm’s partners approved bonuses as an incentive for lateral hires and existing top-performing partners. Ashurst has historically used a bonus system, but has not actually paid any out for around four years.
No profit pool has been allocated for the bonuses, but it is understood that the firm intends to use the system to attract high-calibre laterals. Ashurst needs to hire in Paris to replace private equity star Thomas Forschbach, who quit for Latham & Watkins in August.
No specific bonuses for laterals or existing partners have yet been discussed, but it is understood that partners will be informed of any bonus prior to it being paid out.