Australian firm Mallesons reviews lockstep ahead of merger with King & Wood
Mallesons Stephen Jaques is reviewing its lockstep remuneration system ahead of the merger with Chinese law firm King & Wood. The firm currently operates a 10-year lockstep, with partners distributed according to a points system of 30 and 100 points, with gateways at three and seven years. One possible change is the introduction of a bonus pool to reward strong performers.
The merger plans provide for the full integration of the two firms’ Hong Kong partnerships, with King & Wood partners transferring to the Mallesons remuneration system and sharing in a single profit pool.
The combined firm will operate as a three-partnership Swiss verein in China, Hong Kong and Australia, with Hong Kong the only financially integrated office. It will be led by the recently appointed executive committee, which consists of Mallesons chief executive Stuart Fuller, Australia managing partner Tony O’Malley, King & Wood managing partner Wang Ling and international managing partner Rupert Li.
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