Olswang has introduced a revenue share scheme which could allow entrepreneurial staff to make tens of thousands of pounds a year.
Staff who introduce a new client to the firm will get 10% of the fees billed for the first instruction, providing the matter is worth more than £20,000. And staff who persuade an existing client to give the firm a new instruction of at least £20,000 will get 5% of the fees billed. Everyone at the firm, except partners, is eligible to participate in the scheme. So in theory any employee who persuades a rich mate down the pub to instruct Olswang could double their salary and take a more relaxed approach to the day job.
The rub, of course, is how the firm decides which member of staff has actually brought in the client. A spokeswoman said that the decision would ultimately be made by the International Practice Group Head, but that decision would be made at the point of introduction, not retrospectively. She said that the firm had run a similar scheme in an overseas office and the position was "usually very clear".
And similar issues apply to new instructions. The spokeswoman told RollOnFriday that the scheme was intended to reward staff for winning "a materially new matter from existing clients that otherwise would not have come to the firm". There wouldn't be any cash simply because a client called the firm with a new matter and happened to speak to the associate first. So whilst it's clear what the firm is trying to achieve, the devil will be very much in the detail.
Paul Stevens, Olswang's CEO, said "we're proud to introduce this new initiative, which will promote an entrepreneurial spirit across the firm and drive our staff to think about clients first".
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Staff who introduce a new client to the firm will get 10% of the fees billed for the first instruction, providing the matter is worth more than £20,000. And staff who persuade an existing client to give the firm a new instruction of at least £20,000 will get 5% of the fees billed. Everyone at the firm, except partners, is eligible to participate in the scheme. So in theory any employee who persuades a rich mate down the pub to instruct Olswang could double their salary and take a more relaxed approach to the day job.
How it might look |
The rub, of course, is how the firm decides which member of staff has actually brought in the client. A spokeswoman said that the decision would ultimately be made by the International Practice Group Head, but that decision would be made at the point of introduction, not retrospectively. She said that the firm had run a similar scheme in an overseas office and the position was "usually very clear".
And similar issues apply to new instructions. The spokeswoman told RollOnFriday that the scheme was intended to reward staff for winning "a materially new matter from existing clients that otherwise would not have come to the firm". There wouldn't be any cash simply because a client called the firm with a new matter and happened to speak to the associate first. So whilst it's clear what the firm is trying to achieve, the devil will be very much in the detail.
Paul Stevens, Olswang's CEO, said "we're proud to introduce this new initiative, which will promote an entrepreneurial spirit across the firm and drive our staff to think about clients first".
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"If you have a real estate issue, don't bother your usual contact there, call me instead and I will find a home for it".. Bwah hahahaha!
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