Our Remuneration and Profit Sharing policy

Remuneration and profit sharing is detailed fully in the Members Agreement of the LLP. The purpose of this paper is to provide clarity to certain aspects.

Remuneration and profit share includes benefits in kind or expenses paid for by the LLP, fixed profit share, bonuses, income points and capital points,

Appraisal of the remuneration of the general partners

The Chief Operating Officers (COOs) make profit sharing recommendations of the general partners (all partners except the COOs) to the Management Board by 30 April each year.

These recommendations are moderated by the Regional Chairman before being proposed to the Management Board for final approval.

The Management Board reviews the proposed recommendations from the COOs and approve such remuneration changes in accordance with the members agreement.

Appraisal of the remuneration of the COO’s

The Management Board considers and approves the profit-sharing arrangements of the COOs.

Appraisal of the remuneration of the MB

The Oversight Committee are supplied the profit-sharing proposals for the general partners and COOs.

The Oversight Committee then considers and approves the profit-sharing arrangements of the members of the Management Board based upon recommendations received from the COOs.

Profit recommendation process

Each of the committees above shall make recommendations based upon:

• The conduct of the partner performance assessed during their last appraisal
• A review of the KPIs of the partners
• Quality demonstrated in their work from the latest internal or external inspections
• The partners contribution to firmwide initiatives and activities
• The development of other staff or partners

Profit sharing appeals

Any profit-sharing appeals are dealt with by the Managing Partner or Management Board insofar as such appeal relates to an allegation of manifest error, material failure of process or material failure to apply the criteria in respect of the discretionary aspects of the profit sharing arrangements set out in LLP agreement.

The Management Board will make any final decision as to the quantum of any adjustment if an appeal is upheld.

The Oversight Committee

The OC will receive a report on an annual basis detailing any profit share appeals that have been resolved by the Management Board. As such, significant themes which have arisen from those appeals should be considered;

• Agree with leadership as appropriate the information required by the Committee to carry out the duties described above;
• Have a role to play in the monitoring of gender gap figures amongst the partner group, and other diversity indicators as appropriate.