Hewitsons has revamped its lockstep to incorporate performance criteria and is now in the process of reviewing its management structure.
The Cambridge-based firm has introduced a sliding scale to its lockstep, which means that partners can move up or down depending on that year’s performance.
The firm’s 32 equity partners have a fairly flat equity structure, which starts at 90 points and goes up to 120 points over the space of five years.
The performance-based revision means that partners will fluctuate between 90 and 120 points, moving at six-point intervals. The firm also has 20 salaried partners.
The management team is also set for an overhaul, which may see the firm ditch the role of senior partner.
Ian Barnett is Hewitsons’ senior partner and head of the agricultural property division. As a partner since 1968, Barnett would expect to retain a place on the management board.
The 11-person management team comprises the three section heads, the management board and the senior and managing partners.
The firm is split into three main practice areas: Tim Richards heads the property and construction section, which accounts for around 40 per cent of the firm’s £18m turnover; John Dix heads the corporate and technology group, which accounts for another 40 per cent of revenue; and David Hollest heads the private client group, which accounts for the remaining 20 per cent.