Herbert Smith is to introduce a new career path for its associates as an alternative to partnership. This will be by way of creating a new role called Of Counsel for a select number of senior associates, in recognition of the important contribution they make to the success of the firm. The first promotions to Of Counsel will be announced on 1 September 2006. Thereafter the announcement will take place on 1 May each year.
For each person promoted to Of Counsel there will be an opportunity to develop their role in line with the needs of their practice areas and their personal strengths and aspirations. There will be no pre-determined number of Of Counsel roles.
In addition to the recognition the title will give them, Of Counsel will be eligible for a bonus of up to 40% and an increase in their annual leave allowance.
The firm has also announced that from 1 July the title of associates of 4 yrs PQE and above will be automatically changed to Senior Associate, in recognition of their seniority and experience. The bonus that senior associates can achieve has been increased to 30%.
Norman Green, Chief Operating Officer at Herbert Smith, commented:
"We believe there is a clear business need for an alternative career structure, a belief supported by the soundings we took among associates. We look forward to announcing the first group of Of Counsel in September.
"What we are seeing is a generational shift in associates' career expectations across the legal sector and it is imperative law firms acknowledge and respond to this as part of their broader focus on retaining talent."
Notes to editors
- Herbert Smith LLP is an international legal practice with 1100 lawyers (including over 200 partners) and a network of offices in Europe and Asia. It has a formal alliance with leading German firm Gleiss Lutz and leading Dutch and Belgian firm Stibbe. On 1 April 2005 Herbert Smith became Herbert Smith LLP, a limited liability partnership. www.herbertsmith.com
- For further information please contact communications manager Michael Evans on 020 7466 3190 or michael.evans@herbertsmith.com