October 26, 2006
I found an interesting article titled, “We listened to associates, Now partners have to do their bit” in TheLawyer.com. The article describes Allen & Overy’s new career management and reward structure for its associates. The following paragraphs jumped out at me:
Naturally, the plans have some practical benefits for the firm. By sweeping away the annual ‘communist’ bonus system – where everyone received the same flat rate regardless of their contribution to the success of the firm that year – we now have greater flexibility to work as a global business in local markets.
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[W]e have to start a process of communication and education. This will involve the partners throughout the practice areas, the associates and support staff, so everyone understands what it all means for them as individuals.
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Partners all need to make time so that individual career appraisals work for all concerned. In other industries this is the norm, but if we are honest the legal profession does not have a great reputation for helping people manage their careers.
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We believe the future of a great firm lies in doing the right thing by the individual – and that will mean we can also do the right thing for our clients.
By all means, read the full article. Though I’d have trouble calling this a truly innovative program, it does look like a step in the right direction — albeit, perhaps, a rather safe step. It’ll be interesting to see what comes next.
Welcome back!
