Under the new structure, there will be a banded system in which partners are assigned points matched to a profit share. The band extends at the top, so that only the best-performing partners can enter the highest bands. Global co-CEO Simon Levine commented that a points system focuses the business and partnership on profits rather than turnover or top line things such as billing numbers.

Unlimited bonuses

The firm’s international LLP will also introduce changes to its bonus system, with the bonus pool shifting from 5 per cent of the group’s profit to a range of 4-8 per cent. There is no maximum placed on what star performers can be paid in bonuses.

Mini-lockstep

A lockstep system intended to stop the fluctuation of newly-promoted partners' take-home pay has also been introduced. The lockstep will run for three years, with the new partners moving up a band each year. Sources: The Lawyer; Legal Business