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No pot of gold at the end of the rainbow

As they do away with traditional partnership rewards, law firms converting to alternative business structures will need to design new career and financial rewards to attract the next generation of talented lawyers, says Andrew Cromby

1 March 2013

A year has now passed since it became possible for the world to invest in law firms in England and Wales. If there has not quite been a stampede, there have at least been one or two fairly high profile moves in that direction, and information from the SRA suggests that there is more to come. But are there any lessons to learn from what we have seen so far in the process of firms becoming ABSs? Do they look or feel any different to clients, or to those working in them? The answer, at the moment, seems to be “no” but in the longer term it seems likely that the impact of ABSs will be felt more keenly – and perhaps mostly so by those lawyers who strive to further their careers within them.

Different entity

What is fundamentally different about conditions inside an ABS, for a young and ambitious lawyer, is that they are working for a very different entity. The traditional law ...

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