The London office of Faegre Benson Hobson Audley is close to securing a place on the management board of the US firm at the next elections, The Lawyer can reveal.
The position is key, as the firm operates a merit-based remuneration system, and Faegre Benson’s nine-person management board decides how much individual partners earn. Under the US firm’s system, no one outside the committee is supposed to know how much partners get paid.
As part of the merger agreement between Minnea-polis-based Faegre Benson and London corporate finance boutique Hobson Audley, a new place on the board is guaranteed to go to a partner who is based outside the US.
London name partner Max Audley said the change was “designed to reflect the firm’s growing presence outside the US”. The firm has offices in Germany, London and Shanghai, but the UK’s is the biggest by some margin, and is therefore favourite to take the board place.
Under Faegre Benson’s constitution, any partner who stands for election must have been a partner at the firm for at least three years. This is “supposed to perpetuate the firm’s teamwork culture,” said Audley.