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ONE-DAY CONFERENCE | 14 MARCH 2013 | LONDON

re d fo an be ry 9 k u a 14 oo n B th Ja e v 25 sa

presents the 6th

Remuneration and reward strategies for law firms

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:

+44 (0)20 7549 2535 events@ark-group.com www.ark-group.com Or see back page for mailing details

A word from our chair...


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

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WHY THIS EVENT?


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 performance Engaging the whole firm using nonfinancial reward

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 Partners 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 Past event feedback partners in financial terms. Lots of practical information that I can Should you go one step definitely take back to further? As partners, should the office. you seek out private equity; Natalie McTaggart, external investment and Edwin Coe 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

Many thought provoking ideas for consideration within our partnership. Simon Long, Franklins Solicitors

...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 havent more firms adopted a performancebased partner remuneration model?. If you are a partner in a law firm, or involved in partner remuneration at a law firm then you simply cant 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.

Who should attend?


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.
* Managing Partner magazine ** The Lawyer

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.

| TEL +44 (0)20 7549 2535 | E-MAIL events@ark-group.com

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CONFERENCE

AGENDA
09:00 09:30 Registration and refreshments

THURSDAY 14 MARCH 2013


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 Afternoon coffee break PANEL DEBATE | Why havent 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 UK Phil Cousins, HR Director, DAC Beachcroft John Cussons, Director, Huron Consulting Group WHEN FINANCIAL REWARD DOESNT 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 Chairs closing remarks Close of conference

Chairs 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 firms 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 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. Dont 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 firms Is 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 Morning coffee break PARTNER REMUNERATION: THE EQUITY

15:10 15:40

10:20

11:00

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 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 firms senior management and partners? Shareholding as a new form of remuneration for partners and employees Neil Kinsella, UK Chief Executive, Slater & Gordon Networking lunch break PARTNER CAREER PATHS

12:10

12:50

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 available Planning 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

17:00 17:10

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CONFERENCE 14 MAR 2013 LONDON

Remuneration and reward strategies for law firms


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