Allen & Overy has claimed that entire teams of lawyers from competitor firms are clamouring to join them, following the firm's impressive profit announcement from head office last week.
According to the Australian, the latest recruit to the A&O cause is ex-Allens partner Angus Jones. A&O Perth office partner Geoff Simpson has indicated that more announcements are to come including that some returning Aussies will soon join the office at a senior level.
At this stage A&O Perth says that it is not looking for additional partners . But, according to Simpson, this hasn't stopped a flood of enquiries, including "teams of lawyers" making approaches - "in three cases whole teams have been offered up".
So just what is that is attracting Aussie lawyers to the A&O? Could it be related to recently announced wallet-bulging increases in PEP by over 10% last financial year, to GBP 1.1 million?
Reports indicate that whilst newly hired partners generally earn a fixed sum in their first year, for their second year they'll get a proper profit share - kicking off at around GBP 661,000 (about A$1.1 million). That amount is comparable to top performing partners in Australian firms.
But with ultimate earning potential vastly exceeding that of any top tier domestic firm (those at the top of the A&O tree trousered about A$2.9 million this year), it's understandable that the A&O recruitment inbox is bulging fit to burst. That and the thought of a free day's holiday for hard-working staff.
Tip Off ROF
According to the Australian, the latest recruit to the A&O cause is ex-Allens partner Angus Jones. A&O Perth office partner Geoff Simpson has indicated that more announcements are to come including that some returning Aussies will soon join the office at a senior level.
At this stage A&O Perth says that it is not looking for additional partners . But, according to Simpson, this hasn't stopped a flood of enquiries, including "teams of lawyers" making approaches - "in three cases whole teams have been offered up".
 |
The A&O postbox yesterday |
So just what is that is attracting Aussie lawyers to the A&O? Could it be related to recently announced wallet-bulging increases in PEP by over 10% last financial year, to GBP 1.1 million?
Reports indicate that whilst newly hired partners generally earn a fixed sum in their first year, for their second year they'll get a proper profit share - kicking off at around GBP 661,000 (about A$1.1 million). That amount is comparable to top performing partners in Australian firms.
But with ultimate earning potential vastly exceeding that of any top tier domestic firm (those at the top of the A&O tree trousered about A$2.9 million this year), it's understandable that the A&O recruitment inbox is bulging fit to burst. That and the thought of a free day's holiday for hard-working staff.