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Remuneration and reward strategies for law firms

Remuneration and reward strategies for law firms

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Published by Ark Group
Delivering workable partner performance and remuneration systems for a changing legal services market.
Delivering workable partner performance and remuneration systems for a changing legal services market.

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Published by: Ark Group on Jan 21, 2013
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03/23/2013

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ONE-DAY CONFERENCE|14 MARCH 2013|LONDON
4 easy ways to register
+44 (0)20 7549 2535
events@ark-group.com
www.ark-group.com
Or see back page for mailing details
I am delighted to be returning as Chair to this conference becauseof the exciting changes that are occurring in the legal servicesmarket right now, which are bound to create interesting new opportunities for partners in terms of alternative career avenuesto explore as well as the range of flexible remuneration packagesthat must go with those.
Patricia Wheatley Burt
, Director,
Trafalgar – The People Business
        ”
A word from our chair...
Delivering workable partner performance and remunerationsystems for a changing legal services market
A one-day intensive conference designedto ensure you:
Understand how the changing market can create new remuneration
»
opportunities for your partnersHear about shareholding from one of the first UK law firms to have been
»
taken overFind out what happens to partner remuneration during a merger
»
Manage your equity and decide whether or not to take on external
»
investment or private equityDebate the factors which prevent some firms moving to a performance
»
based partner remuneration modelMeasure partner performance meaningfully and objectively
»
Engage with your partners and employees during periods of high change
»
Plan alternate career paths for partners and associates
»
Devise sensible exit strategies for partners leaving the equity
»
Balance partner remuneration effectively
»
Expert contributions andstrategic insights from:
B  o  o  k   b  e  f   o  r  e   
2  5  
t  h  
 J  a  n  u  a  r   y   a  n  d   
s  a  v  e   £  1  4   9  
Remuneration and rewardstrategies for law firms
presents the 6th
 
CONFERENCE
MORE INFO
WHY THIS EVENT?
| 
TEL 
+44 (0)20 7549 2535
| 
E-MAIL 
events@ark-group.com
Many law firms continue to undergo internal debate about howtheir partners are remunerated – should it be in the traditionalway, by seniority, or should firms adopt a meritocratic modeland instead reward partners according to their performance?But firms can no longer afford to discuss their remunerationsystems in a vacuum, without reference to external marketchange.
Mergers
;
takeovers
;
alternative businessstructures
;
private equity
and
globalisation
will allimpact on the way in which partners are remunerated. A recent study showed that over one-third of law firms* wereactively seeking out a merger. And if you go ahead with a merger,questions will naturally arise about
which partner remunerationmodel the new merged entity should adopt
. At ManagingPartner’s 2013 Remuneration conference for the first time, youcan hear from a merged entity,
Burness Paull & Williamsons
 about how to tackle this potentially emotionally fraught question.When Australian firm
Slater & Gordon
took over UK firm
RussellJones & Walker
, the Managing Director said that it had been
approached by several UK firms looking for externalinvestment
**. Such investment will pave the way for
newremuneration schemes structured around shareholding
. Atour 2013 conference you will have the opportunity to hear fromthe
UK Chief Executive
of Russell Jones & Walker about whatthe takeover has meant for itspartners in financial terms.Should you go one stepfurther? As partners, shouldyou seek out
private equity
;
external investment
and
new business structures
 in order
to obtain a betterdeal for yourselves, or a one-off pay-out perhaps?
Thecurrent market changes will present some law firm partnerswith an
interesting financial opportunity
. But, having tradedas a traditional partnership for many years, it can be hard totake that step and invite private equity or an acquisition intothe firm, and, furthermore, to get partner consent for doing so.This conference will offer a
fact-finding opportunity
in termsof some of the
new and different equity models you couldadopt in order to get the best deal for your partners
. And if you
expand globally
, as many firms are now doing, canyou use the same remuneration model in your new territoriesthat you use back home? Your
UK partner remunerationmodel may not suit some local market conditions
and
the remuneration packages themselves may seemdisproportionate with the cost of living
. With
internationalpractice now driving law firm growth
in this country, thisis something it will be wise to be alert to. Even within the UK,if you are a regional firm, you may need to consider having a
different remuneration strategy for London (where thecost of living is higher) as compared with the provinces
. All these questions and many more will be exploredin this one-day conference, which has been updatedto reflect current market conditions but which will stilladdress traditionally held concerns including:Managing your equity
»
Measuring partner
»
performanceEngaging the whole
»
firm using non-financial reward...and the age old question of
the lockstep versusthe hybrid versus the “eat what you kill model”
 couched in a new way, since our panellists will be asked
“why haven’t more firms adopted a performance-based partner remuneration model?”
.If you are a partner in a law firm, or involved in partnerremuneration at a law firm then you simply can’t missthis opportunity to
hear revealing case studies fromfirms at the forefront of change
, to find out what
newforms of financial rewards
are available to you andhow these can be balanced with business growth.
Lots of practical  information that I candefinitely take back tothe office.
Natalie McTaggart,Edwin Coe
        ”
Past event feedback 
This senior-level strategic conference is aimed at ManagingPartners, Senior Partners, Chairman, Chief ExecutiveOfficers, Chief Operating Officers, Finance Directors andHR Directors and anyone looking at remuneration in alaw firm, specifically at partner remuneration and howthis might change as law firm structures change.
Who should attend?CPD information
 Attendance at this conference qualifies for
5 hours, 40 minutes
of 
SRA accredited CPD
(at intermediate/advanced level).To claim your hours, quote provider code: EEW/ARCL.
* Managing Partner magazine** The Lawyer 
Many thought  provoking ideas for consideration within our  partnership.
Simon Long,Franklins Solicitors
        ”
Past event feedback 
 
CONFERENCE
AGENDA
THURSDAY 14 MARCH 2013
| 
WEB 
www.ark-group.com
| 
OR
see back page for mailing details
09:00 Registration and refreshments09:30
Chair’s opening remarks
Patricia Wheatley Burt, Director,
Trafalgar – The People Business
 PARTNER REMUNERATION AND NEW MARKET FACTORS09:40
Recognising the impact that market change will haveon your firm’s partner remuneration model
In times gone by law firms might have been considering whether or notto operate with a traditional lockstep model; a merit based “eat what youkill” model or a hybrid model – a combination of the two. Now, in 2013,the debate on remuneration models is not so straightforward becausethere are a number of things happening in the marketplace that will havea direct impact on how your partners are remunerated. In this talk findout how the following will affect how much your partners are paid:Mergers
»
 Alternative business structures
»
Private equity
»
Internationalisation
»
 
Nick Jarrett-Kerr, Partner,
Edge International 
10:20
Partner remuneration after a merger
A recent study showed that almost one-third of law firms are consideringa merger and actively speaking to other parties. This is bound toimpact on partner remuneration, since it is likely that two mergingfirms could have different partner remuneration and performancesystems prior to the merger. Don’t miss this opportunity to hear fromthe Chairman of a new merged entity Burness Paull & Williamsons.Bringing up partner remuneration during a merger
»
negotiation – is it ever a show stopper?Choosing between the existing partner remuneration
»
models of the merging firmsIs it safest to choose a brand new remuneration system?
»
Getting buy-in from all your partners to the chosen model
»
Philip Rodney, Chairman,
 Burness Paull & Williamsons
11:00 Morning coffee break PARTNER REMUNERATION: THE EQUITY 11:30
Managing the equity and partner remuneration in a modern law firm
What is the equity?
»
Is there any equity?
»
How do you value it?
»
When to award it
»
When to take it away
»
Structuring the business to provide a realisable equity return
»
 
Karl Wingfield, Chief Operating Officer,
 B P Collins
12:10
CASE STUDY |Benefiting from external investment in your firm
Presenting the vision behind the Slater & Gordon takeover
»
What is the impact on staff at all levels
»
How will the acquisition affect the firm’s senior management and partners?
»
Shareholding as a new form of remuneration for partners and employees
»
 
Neil Kinsella, UK Chief Executive,
Slater & Gordon
12:50 Networking lunch break PARTNER CAREER PATHS13:50
Designing meaningful career paths which take account ofchanges in the structures of law firm partnerships
Developing attractive career paths for associates
»
when fewer partnership options are availablePlanning for not being a partner anymore – what alternative
»
career options can you pursue? What exit rights shouldyou negotiate into your remuneration at the start?Creating exit strategies for partners that you will be de-equitising
»
Looking into entrepreneurial roles for partners at the helm of
»
alternative business structures – partner or director?
 
Peter Scott,
 Peter Scott Consulting
 THE RELATIONSHIP BETWEEN PARTNER PERFORMANCE AND REWARD14:30
Measuring partner performance and how your chosenmethodology will influence your remuneration model
At one level, the question of assessing partner contribution is a simple one –what value is each partner contributing to the firm in terms of work generation,matter management, associate development and the like? Yet firms routinelystruggle to measure and assess contribution in ways which are meaningful,objective and relevant to the firm and its culture. This session will be aimed at:Identifying the fundamentals of a strong partner contribution
»
Noting the behaviours most closely associated with such contribution
»
Discussing direct and indirect measurement of outcomes and behaviours
»
Highlighting inherent dangers with measurement systems
»
Matching scorecards to reward systems and firm cultures
»
 
Ian Jeffery, Managing Partner,
 Lewis Silkin
15:10 Afternoon coffee break15:40
PANEL DEBATE|Why haven’t more law firms movedto a merit based remuneration system?
For more than five years now law firm leaders have been discussing thepros and cons of switching from traditional lockstep to merit based orhybrid systems of partner remuneration. However, the largest 20 firmsstill remain strongly attached to the traditional seniority based models.This extends beyond the partner remuneration model to include thePQE (post-qualification experience) model for associates also.What factors are preventing law firms from moving
»
to merit based remuneration systems?What strategies could be used to overcome these barriers?
»
What successes have our panellists seen from
»
operating merit based or hybrid models?How do you need to adjust your performance measurement
»
model when you move to merit based remuneration?How are the lockstep and PQE models received
»
in foreign offices of UK firms?
Panel Chair: Patricia Wheatley Burt, Director,
Trafalgar – The People Business
Panelists include:Steve Rowan, Deputy Chief Operating Officer (Europe
 –
& Asia),
Edwards Wildman Palmer UK 
Phil Cousins, HR Director,
 –
 DAC Beachcroft
 John Cussons, Director,
 –
 Huron Consulting Group
 WHEN FINANCIAL REWARD DOESN’T WORK...16:20
CASE STUDY |Engaging with, and targeting the behaviourof, everyone in your firm during high levels of change
An overview of the principle of effective engagement during change:Change is both challenging and rewarding
»
Engagement with your people is even more important during change
»
The benefits of personal and organisational clarity
»
The impact of non-financial targets
»
Targeted behaviour is influential behaviour
»
A case study in action – swimming the ‘Muckle 2-lengths’:What was done
»
Why it was important
»
The chosen path
»
The impact achieved
»
The lessons learned
»
A suggested way forward and how to begin!
 
 Julie Harrison, author of Strategic Human Resource Managementand independent consultant with Steve McNicol, ManagingPartner,
 Muckle
 , Regional Law Firm of the Year 
17:00
Chair’s closing remarks
17:10 Close of conference

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