Berwin Leighton Paisner (BLP) has finalised its alternative to partnership, creating an ‘associate director’ position and appointing nine senior associates to the role.
The firm is among the first to adopt the practice, with a number of firms set to make the move from 1 May 2007. Herbert Smith, which announced an ‘of counsel’ role as its partnership alternative in June, promoted seven to the position in September.
HR director Geoff Griffin said: “We’re very keen to provide a clear step forward and meaningful development opportunities for our lawyers.”
The new associate directors will be remunerated at a similar level to junior equity partners and will have access to ‘shadow equity points’, meaning their pay will be tied to the firm’s profitability but without a share in the equity.
They will be expected to take on some managerial duties and will also be given responsibility for one or more of the areas of client relationship management, people development, knowhow and training or financial management.