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European outlook drives shift to merit-based pay structure

Partners at Eversheds are to vote on whether to implement a profit structure that will dramatically shift the firm from its present lockstep system.

20 December 2001

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European outlook drives shift to
merit-based pay structure

Partners at Eversheds are to vote on
whether to implement a profit structure that will dramatically shift the firm
from its present lockstep system.

Under the proposals
four elements to
profit sharing will be introduced. All partners will receive a fixed share in
excess of £100
000. The balance will then be divided between a lockstep
a
merit-based element and a bonus pool.

Eversheds always intended to move towards
a more meritocratic system
although this proposal is said to be more extensive
than initially envisaged.

Partners are voting by post and the
results are expected at the end of next week. If the vote is successful
the
changes will be implemented on 1 May 2002.

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Finance