As CEO salaries at blue-chip companies once again hit the news for failing adequately to correlate performance with reward, The Lawyer brings you an exclusive on how Ashurst has shaken up partner profit shareout over the past two years (see story).
Seventeen partners were moved down the lockstep ladder with real estate, perhaps understandably, the worst hit with six partners bumped. The energy, transport and infrastructure group was the next biggest casualty, with three partners losing points.
But the biggest winner in the game of pay hikes and ladders was the new-ish global head of corporate Stephen Lloyd, whose superstar status has been underlined by the fact that he leapfrogged the 57-point rung of the lockstep to hit the 65-point plateau. That’s what we call a ringing endorsement.
Meanwhile, Herbert Smith has global issues on its mind. The litigation practice has seen its rivals inch closer to its top-tier ranking over the past few years, and partners are pushing management for a New York launch in a bid to stop any more litigation stars making a beeline for firms with more international clout (see story).
So watch this space: it’s not often Herbies litigation department loses an argument.
Also on The Lawyer: Norton Rose loses four Middle East partners following choppy market conditions. Brace of US firms scout for London launches. And Taylor Wessing eyes Hong Kong and Singapore for tie-ups.