After six months of discussions, the 30-partner firm has just approved a replacement partnership agreement introducing new rules on the distribution of profits. Devised by a committee of 12 partners, the new system breaks away from the traditional personality-driven approach of Italian firms. Bonelli's old system was based substantially on merit and client relationships and was therefore weighted heavily in favour of its best-known partners.
Committee member Alberto Saravalle said the new system was designed to give all partners and, in particular, junior partners a greater stake in the firm.
“The system is aimed at encouraging cooperation and affection for the firm… We looked at Anglo-Saxon practices and that is why we have arrived at a lockstep which is slightly modified.
“For an Italian firm this is a significant move towards Anglo-Saxon practice. Some firms which have done this are already merged with Anglo-Saxon firms. We have done it because we think it is the only way to deal with the problem of ensuring a safe future for the firm. Otherwise the firm will be based on a few outstanding personalities and our junior partners may be worried about that.”
The financial results for the year 2001-02 are trickling through more slowly than usual and it doesn’t take a genius to work out that this is because management is worried about the market response.Very few firms will want to shout about their figures, but surely they can take consolation in the fact that everyone is […]