Mishcon de Reya discussing plans to remove origination
Mishcon de Reya is discussing plans with its partnership to eliminate origination from the criteria it uses to set remuneration in its merit-based pay structure. The firm aims to shift emphasis away from origination, creating what was referred to as a “silo mentality” by managing partner Kevin Gold.
Additionally, the firm would like to move away from individual partners acting as workhorses for their clients and rather have a small array of partners that are available to the clients. Apparently the clients are interested in having more partners assigned to them and it may increase business earned by the firm.
The main effect of removing origination of business from the merit payment structure is that the associates and junior partners who log considerable hours working and perform highly will benefit more.