Yet unremarked, generational conflict cripples City law

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Yet unremarked, generational conflict cripples City law

Our cover feature this month largely speaks for itself in assessing the changing face of partnership as Millennials begin colonising the senior ranks of City law firms. Within five years, this group will be the driving force of elite commercial advisers.

Yet this column is not about the changing attitudes of youngish lawyers, more an issue that touches so many topics in the pages of this magazine, spanning remuneration, strategy, governance and talent. Quite simply, that is the success – and much more often failure – of leading law firms in balancing the interests of their younger ranks with their older partners. Continue reading “Yet unremarked, generational conflict cripples City law”

The Last Word: Generation Next

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The Last Word: Generation Next

As part of our partnership special, we asked young partners and managers alike for their take on the latest wave of partners coming through

Buck stops here

‘The biggest change for me when becoming partner was this immediate sense of responsibility – a responsibility to retain and attract talent, and to bring in interesting work. Suddenly you are supervising work and the buck stops with you. I miss the gossip! You got all the gossip when you were an associate, but when you become a partner people don’t want to gossip with you that much.’
Nicole Jadeja, partner, Fieldfisher Continue reading “The Last Word: Generation Next”

A dramatic break with lockstep for Freshfields but will it be enough to galvanise the City giant?

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A dramatic break with lockstep for Freshfields but will it be enough to galvanise the City giant?

Nathalie Tidman assesses the Magic Circle firm’s high-stakes partnership shake-up

‘Freshfields has overhauled its partnership for two reasons – to mollify restive partners in leveraged finance and private equity – and to make it moderately easier to recruit in the US,’ notes one former partner. ‘It’s insufficient for both of these purposes.’ Continue reading “A dramatic break with lockstep for Freshfields but will it be enough to galvanise the City giant?”

‘Needed a degree of reinvigoration’ – Linklaters reviews banking equity points

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‘Needed a degree of reinvigoration’ – Linklaters reviews banking equity points

City firms restructure rewards as practices move from traditional lending

Linklaters has undertaken a review of equity points in its finance practice, as banking groups continue to move toward sponsors and away from traditional lenders.

Continue reading “‘Needed a degree of reinvigoration’ – Linklaters reviews banking equity points”

Snakes and ladders: Magic Circle tweaks lockstep but is it enough to hold off US firms?

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Madeleine Farman reports on recent remuneration changes among the City elite

With the growing threat of losing star partners to aggressively-expanding US firms, the Magic Circle’s traditional remuneration models have come increasingly under pressure. Last month Linklaters voted through changes to its remuneration model, while at press time Clifford Chance (CC) was due to complete a review of where partners should sit on its lockstep in a bid to retain key contributors and manage under-performers, 18 months after voting through the last set of changes.

Continue reading “Snakes and ladders: Magic Circle tweaks lockstep but is it enough to hold off US firms?”

LB100 Focus: Don’t look back in anger: Ashurst leadership tries to rally partners but the drift continues

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Five years on from its controversial Australian combination – and after a punishing 2015/16 – the storied City firm is still far from finding the form it needs in a competitive global market

‘We had known that the firm had been struggling for a while but we didn’t know, and certainly weren’t expecting, a 20% decrease to our [profit per equity partner] PEP,’ a recent Ashurst leaver tells Legal Business.

Continue reading “LB100 Focus: Don’t look back in anger: Ashurst leadership tries to rally partners but the drift continues”

Cracking the whip: Addleshaws Joyce forced into action to push through recent partnership changes

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Noted for introducing a more assertive style of management to Addleshaw Goddard since being elected as managing partner two years ago, it has emerged that John Joyce had to coax fixed-share partners to vote on recently agreed changes to the firm’s partnership deed.

Continue reading “Cracking the whip: Addleshaws Joyce forced into action to push through recent partnership changes”