ROLLONFRIDAY STORY, 17TH FEBRUARY 2006
...as BLP introduces alternative to partnership
Berwin Leighton Paisner has become one of the first City firms to announce a viable alternative to partnership.
The new role has been approved by the board and it should be introduced by the summer. Although the firm has yet to decide on a name, the role is commensurate with the US "of counsel" system and, in terms of pay, will sit between senior associates (5PQE+) and partners.
In essence, senior associates who decide to go for this rather than partnership will carry on with their fee earning work but also undertake operational roles in specific areas which, a spokesman said, "they're interested in and good at". Such as know-how, client relationship management, financial management and people development. We were also told that it's compatible with non-standard hours, and it should be possible to move from the new role to the partnership track if your circumstances change in the future.
The spokesman told us that the new role would help the firm with both career development and diversity. He wouldn't be drawn on salary other than to confirm our suggestion that it would be more than associates get and less than partners. So that's a six figure salary for a broader role with some management responsibility and the chance of spending time with your family. The rest of the City is watching...