remuneration and reward strategies for law firms
DESCRIPTION
Delivering workable partner performance and remuneration systems for a changing legal services market.TRANSCRIPT
ONE-DAY CONFERENCE | 14 MARCH 2013 | LONDON
4 easy ways to register
+44 (0)20 7549 2535 • [email protected] • www.ark-group.com • Or see back page for mailing details
I am delighted to be returning as Chair to this conference because of the exciting changes that are occurring in the legal services market right now, which are bound to create interesting new opportunities for partners in terms of alternative career avenues to explore as well as the range of flexible remuneration packages that must go with those.
Patricia Wheatley Burt, Director, Trafalgar – The People Business
”A word from our chair...
”
Delivering workable partner performance and remuneration systems for a changing legal services market
A one-day intensive conference designed to ensure you:
Understand how the changing market can create new remuneration »opportunities for your partners
Hear about shareholding from one of the first UK law firms to have been »taken over
Find out what happens to partner remuneration during a merger »
Manage your equity and decide whether or not to take on external »investment or private equity
Debate the factors which prevent some firms moving to a performance »based partner remuneration model
Measure 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 and strategic insights from:
Book before
25 th January and
save £149
Remuneration and reward strategies for law firms
presents the 6th
CONFERENCEMORE INFO WHY THIS EVENT?
| TEL +44 (0)20 7549 2535 | E-MAIL [email protected]
Many law firms continue to undergo internal debate about how their partners are remunerated – should it be in the traditional way, by seniority, or should firms adopt a meritocratic model and instead reward partners according to their performance?
But firms can no longer afford to discuss their remuneration systems in a vacuum, without reference to external market change. Mergers; takeovers; alternative business structures; private equity and globalisation will all impact on the way in which partners are remunerated.
A recent study showed that over one-third of law firms* were actively seeking out a merger. And if you go ahead with a merger, questions will naturally arise about which partner remuneration model the new merged entity should adopt. At Managing Partner’s 2013 Remuneration conference for the first time, you can 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 Russell Jones & Walker, the Managing Director said that it had been approached by several UK firms looking for external investment**. Such investment will pave the way for new remuneration schemes structured around shareholding. At our 2013 conference you will have the opportunity to hear from the UK Chief Executive of Russell Jones & Walker about what the takeover has meant for its partners in financial terms.
Should you go one step further? As partners, should you seek out private equity; external investment and new business structures in order to obtain a better deal for yourselves, or a one-off pay-out perhaps? The current market changes will present some law firm partners with an interesting financial opportunity. But, having traded as a traditional partnership for many years, it can be hard to take that step and invite private equity or an acquisition into the firm, and, furthermore, to get partner consent for doing so. This conference will offer a fact-finding opportunity in terms of some of the new and different equity models you could adopt in order to get the best deal for your partners.
And if you expand globally, as many firms are now doing, can you use the same remuneration model in your new territories that you use back home? Your UK partner remuneration model may not suit some local market conditions and
the remuneration packages themselves may seem disproportionate with the cost of living. With international practice now driving law firm growth in this country, this is 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 the cost of living is higher) as compared with the provinces.
All these questions and many more will be explored in this one-day conference, which has been updated to reflect current market conditions but which will still address 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 versus the 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 partner remuneration at a law firm then you simply can’t miss this opportunity to hear revealing case studies from firms at the forefront of change, to find out what new forms of financial rewards are available to you and how these can be balanced with business growth.
Lots of practical information that I can definitely take back to the office.Natalie McTaggart, Edwin Coe
”Past event feedback
”
This senior-level strategic conference is aimed at Managing Partners, Senior Partners, Chairman, Chief Executive Officers, Chief Operating Officers, Finance Directors and HR Directors and anyone looking at remuneration in a law firm, specifically at partner remuneration and how this 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 refreshments
09:30 Chair’s opening remarks Patricia Wheatley Burt, Director, Trafalgar – The People Business
PARTNER REMUNERATION AND NEW MARKET FACTORS
09:40 Recognising the impact that market change will have on your firm’s partner remuneration model
In times gone by law firms might have been considering whether or not to operate with a traditional lockstep model; a merit based “eat what you kill” model or a hybrid model – a combination of the two. Now, in 2013, the debate on remuneration models is not so straightforward because there are a number of things happening in the marketplace that will have a direct impact on how your partners are remunerated. In this talk find out 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 considering
a merger and actively speaking to other parties. This is bound to impact on partner remuneration, since it is likely that two merging firms could have different partner remuneration and performance systems prior to the merger. Don’t miss this opportunity to hear from the 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 firmWhat 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 firmPresenting 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 PATHS
13:50 Designing meaningful career paths which take account of changes 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 should you 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 REWARD
14:30 Measuring partner performance and how your chosen methodology 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 routinely struggle 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 break
15:40 PANEL DEBATE | Why haven’t more law firms moved to a merit based remuneration system?
For more than five years now law firm leaders have been discussing the pros and cons of switching from traditional lockstep to merit based or hybrid systems of partner remuneration. However, the largest 20 firms still remain strongly attached to the traditional seniority based models. This extends beyond the partner remuneration model to include the PQE (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 UKPhil Cousins, HR Director, – DAC BeachcroftJohn Cussons, Director, – Huron Consulting Group
WHEN FINANCIAL REWARD DOESN’T WORK...
16:20 CASE STUDY | Engaging with, and targeting the behaviour of, 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 Management
and independent consultant with Steve McNicol, Managing Partner, Muckle, Regional Law Firm of the Year
17:00 Chair’s closing remarks
17:10 Close of conference
Book Your Place Now
CONFERENCE14 MAR 2013LONDON
BOOKING REF: 1008-13
One-day conference only£745+VAT
EARLY BOOKING DISCOUNTS
20%
15%
10%
DATA PROTECTIONYour details will be added to the Ark Group database in order to process your booking and inform you of related Ark Group events and publications. Ark Conferences Ltd would like to contact you with details of our products and services. If you do not wish to receive these please e-mail [email protected]. Ark Conferences Ltd would like to share your information with other carefully selected organisations. Please e-mail [email protected] if you do not wish to receive this information.
ONLINEwww.ark-group.com
PHONE+44 (0)20 7549 2535
POSTArk Group6-14 Underwood StreetLondon, N1 7JQ, UK
off this event when you book before 25 JANUARY 2013, making the event £596+VAT.
off this event when you book before 8 FEBRUARY 2013, making the event £633+VAT.
off this event when you book before 22 FEBRUARY 2013, making the event £670+VAT.
Remuneration and reward strategies for law firms
Managing Partner events customers can sign up for a three month FREE trial subscription to Managing Partner MagazineAll Managing Partner events customers qualify for an exclusive three month free trial to Managing Partner Magazine.
Delivering the kind of strategic thinking you need to effectively develop your firm in a dynamic environment, Managing Partner is essential reading, especially for those responsible for shaping law firm strategy, development, marketing, finance, risk, technology, KM and HR. In a crowded information market, Managing Partner represents an authoritative voice that demands your attention.
Your free trial gives you access to:www.managingpartner.com An issue of Managing Partner magazine every month for the duration of the trialA monthly email newsletter alerting you to the latest content
To find out more and to claim your trial email [email protected] quoting the Ark conference you have attended in the last two months.
Also from
December 2012/January 2013Volume 15 Issue 4
www.managingpartner.com
Law Firm Remuneration, Reward and Motivation Second EditionJohn Renz£295 (+ £7.50 p&p)
JOHN RENZ
IN ASSOCIATION WITH PUBLISHED BY
Law Firm Remuneration, Reward and Motivation
Second Edition
+44 (0)20 7566 5792 • [email protected] • www.managingpartner.com/bookshop
Professional Development for LawyersRachel Brushfield£295 (+ £7.50 p&p)RACHEL BRUSHFIELD
PUBLISHED BY
Professional Development for Lawyers
IN ASSOCIATION WITH
Performance Measurement for Law FirmsAlan Hodgart£195 (+ £7.50 p&p)
ALAN HODGART
Performance Measurement for Law Firms
IN ASSOCIATION WITHPUBLISHED BY IN ASSOCIATION WITHPUBLISHED BY
Special offer from Managing Partner Law Firm Management Reports
@LegalMPFOLLOW US
ALAN HODGART
Performance Measurement for Law Firms
IN ASSOCIATION WITHPUBLISHED BY IN ASSOCIATION WITHPUBLISHED BY
ALAN HODGART
Performance Measurement for Law Firms
IN ASSOCIATION WITHPUBLISHED BY IN ASSOCIATION WITHPUBLISHED BY