Simmons & Simmons is looking to overhaul its remuneration system to encourage cross-border team work and cross-selling across jurisdictions.
The compensation assessment is part of a wholesale strategic review that began when Mark Dawkins took over as managing partner last autumn.
Dawkins told The Lawyer: “I want to look at whether the firm’s remuneration structure is fully aligned with what the firm wants to do.
“This includes whether we’re adequately rewarding cross-border team work.”
Simmons already rewards its lawyers for cross-selling, but the aim of Dawkins’ review is to see if a better system could be put in place. Simmons operates a modified lockstep plus merit.
Simmons has embarked on a root-and-branch examination of the firm, covering everything from practice groups to technology, with the stated aim of slashing overheads and changing its structure away from the traditional model.
As first reported by The Lawyer (24 April), Dawkins also wants to invest in technology to assist with the delivery of legal solutions at a hugely reduced cost.
At the start of Dawkins’ tenure, the firm’s global partnership voted to refocus along three lines: financial markets and institutions; energy utilities and infrastructure; and technology and life sciences.