Berwin Leighton Paisner (BLP) has finalised its alternative to partnership, creating an associate director position and appointing nine senior associates to the role.
The firm is among the first to appoint lawyers to the partnership alternative role, with a number of firms set to make the move from 1 May 2007. Herbert Smith, which announced an of counsel role as its partnership alternative in June, made its first promotions in September.
BLP managing partner Neville Eisenberg said: “We’re very keen to ensure theres a clear step forward and to provide meaningful development opportunities for our lawyers.”
BLP voted to create an alternative to partnership in January. The new associate directors will be remunerated at a similar level to junior equity partners and will have access to shadow equity points, meaning their pay will be tied to the firms profitability without sharing in the equity.
The associate directors will also take on some management duties. They will be given responsibility in one or more of the areas of client relationship management, people development, know-how and training or financial management.