Ashurst reviewing proposals to modify lockstep
Ashurst is considering new proposals that would modify the firm's structures for partner remuneration and equity, in an effort to attract and retain talented partners. The firm's recent downward financial trends substantiated the need to undertake the review.
Several measures are being considered for implementation. A plan to modify the remuneration structure would keep the lower end of the points ladder at 25 points, but raise the top of the ladder by 10 points to 75. Another plan would see fixed share partners receive a higher share of equity. Alongside those plans, the firm will consider introducing a bonus pool for its partnership.
The firm recently reported a 10 percent drop in revenues, dropping from £561m to £501m. The profit per equity partner plummeted 19 percent, from £747,000 to £603,000.