Simmons cuts exiting partner payouts in performance crackdown
Simmons & Simmons has cut the cost of managing equity partners out of the firm by slashing the compensation to be paid out to most exiting partners, with the move coming as the firm’s management takes steps to crack down on underperformance. The firm has changed its partnership agreement so that those managed out will effectively receive one year’s pay. The payout will be capped at £400,000, but with most partners likely to be managed out expected to be at the lower end of the equity ladder, it is unlikely the full amount will be paid out.
Top 20 law firm cuts payouts to exiting partners amid crackdown on underperformance
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