Eversheds votes in new profit share

Eversheds partners have voted in favour of a new profit-share system to increase dramatically the merit-based element of partner remuneration.

Of the 188 equity partners entitled to vote, 166 voted in favour of the new scheme in December.
The scheme will make the merit-based element in excess of 30 per cent of the balance, after fixed-share and bonus elements have been allocated (The Lawyer, 10 December 2001).
From May, there will be a four-band structure for profit distribution, comprising a fixed share in excess of £100,000 per partner, a lockstep allocation, a merit-based element described as a sustained value award and a bonus.