DLA Piper Rudnick Gray Cary has drawn up plans to forge a firm-wide system for investment and rewarding partner performance as the transatlantic giant moves to implement the second stage of its merger.
Two working parties at the firm have put together a strategy outlining how the integration will take place, with the top 10 giant fast-tracking the launch of three global cash pools to cover investment, cost sharing and bonus payments.
The firm-wide initiatives are viewed as a way of bolstering integration and co-operation, although the legacy DLA and US practice will still maintain separate part-nerships.
Europe and Asia senior partner Peter Wayte, UK chief Andrew Darwin and Chicago-based joint chief executive Lee Miller are heading one working group, briefed with implementing fuller financial integration.
Meanwhile, joint chief executive officers Nigel Knowles and Baltimore-based Frank Burch are assembling a committee to focus specifically on implementing profit sharing and aligning the firm’s two main partnership structures.
It is understood that the process is likely to be completed by January 2008, although it could be finalised up to 12 months earlier.
Under the plans, the three new cash pools would operate firm-wide, covering investment initiatives, including the opening of offices in new jurisdictions, and cost sharing, which would see specific expenditure and HR costs spread across the firm’s network of international offices.
The final pool, which will be known as ‘global behaviour’, is expected to effectively cover the distribution of merit-based bonuses, including rewarding significant cross-jurisdictional referrals.
Knowles said the move was consistent with DLA Piper’s long-term business plan since its merger went live in January and added that both legacy firms already operated very similar partner remuneration packages.