June 13, 2005
Non-Lawyer Partners Post-Clementi
The first post-Clementi shoe is about to drop in the UK, and it's a fascinating one indeed. [For those of you who haven't been paying attention, the "Clementi Commission" proposed fundamental reforms of the way UK law firms are governed, essentially all of which have been adopted and are or soon will be effective. Among the eye-openers in the lot were permitting non-lawyers to be equity owners of firms, which is the peg for today's post.]
Check this out:
| Likelihood of different practice managers being admitted to the partnership |
| Likely | Not likely | Already a partner | Do not have one | |
| Finance | 100 | 0 | 0 | 0 |
| Marketing/business development | 82 | 12 | 3 | 3 |
| HR | 82 | 18 | 0 | 0 |
| IT | 67 | 33 | 0 | 0 |
| Source: Wheeler Associates/McCallum Layton |
Such are the results of a survey of 51 managing partners from the top 100 UK and Welsh firms (Scottish firms are exempt from Clementi). Will this finally begin to break down the caste-iron (sorry, couldn't resist) barrier between lawyers and "mere" business managers? One can hope.
Of course, I am a lawyer so this should make no difference to my personal estate: Were I not, however, I'd be researching the London housing market.
Posted by Bruce at June 13, 2005 2:47 PM | TrackBackPosted to Compensation | Cultural Considerations | Finance | Leadership | Partnership Structures | Strategy Printer-friendly version
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