The firm will consult with partners to determine which areas should be changed. Issues on the agenda will include the amount of direction given to its three-partner remuneration committee when assessing partner performance.
Head of human resources Jonathan Croucher told Legal Week: “We have a very clear set of remuneration criteria. The question is how much weight you put on different areas.”
Managing partner Michael Frawley added: “We are going to look at increasing the transparency of the system, with much clearer partner feedback, so that it is clear to the partners why they are on a particular band and what they need to do in order to improve their position.
“Our goal is to get a system that is transparent and fair and takes into account everyone’s contributions to the firm but at the same time recognises that the main drivers of the firm have to be adequately rewarded.”
The review comes three years after the firm substantially overhauled its remuneration system. Changes included introducing an annual appraisal for partners — a shift from bi-annual assessments — and an assessment of each partner by their head of department. Appraisals take into consideration the last three years of a partner’s performance and a forecast for the next two years.
Last year the firm introduced software to enable associates to take part in partner appraisals online. This is the first year the system has been used.
Taylor Wessing remains one of the few top