Simmons & Simmons has voted in a third partnership track for lawyers, which will form the summit of the firm’s revolutionary plans for an alternative career track.
The alternative partnership track is for Simmons partners who are not expecting to achieve equity. Senior partner Janet Gaymer’s plans for a completely alternative and flexible career route for all lawyers have yet to be voted on.
“The third track recognises that there are people who don’t want the risk that goes with ownership. The difference also depends on the strength of the business case and whether lawyers want to be equity partners,” said Simmons managing partner Mark Dawkins.
The third track will run parallel to the traditional equity partnership and the salaried partner level that sits just below the equity partners.
Partners who choose the third way will be paid a salary and performance-based bonus. Dawkins said the firm wants to be as flexible as possible and that partners will be able to switch between the three tracks.
All partners will be present at partnership meetings and will have a vote on firm matters, except those things related directly to the equity partnership such as admission to equity and equity partner remuneration.
Gaymer said: “We’re in the middle of a partnership round. I expect that there will be candidates from that round going through the new system.”