What’s happening at Jones Days’ London office?
Eight partners have left in recent months, including some firm chiefs and the Indians don’t seem overly happy either.
The issues, according to LegalWeek at least, is the firm’s “infamous lack of transparency over pay”.
The website also points to the disconnect between London and the rest of the Jones Day empire.
The most recent departures were energy partner Paul Exley, real estate partner Iain Hindhaugh and Sebastian Orton, who was previously a partner but most recently worked as a counsel at Jones Day. All left last week.
Other partner exits since last August include private equity partner Weyinmi Popo, banking partner Dominic O’Brien, India partner Sumesh Sawhney, head of construction, Hamish Lal, employment head Jules Quinn and banking partner Bryan Conway.
The refugees have joined a variety of other firms, including Orrick Herrington & Sutcliffe, Akin Gump Strauss Hauer & Feld, Baker Botts and King & Spalding.
Although there are various factors at play with the departures, the main one is the “secretive pay system,” says LegalWeek.
Jones Day does not publish an associate pay scale and partners’ remuneration is decided on a case-by-case basis by management.
One ex-partner previously based in the firm’s London office said their were pros and cons to the system: “If you want people to work together, one thing that stops that is knowing the person down the hall from you earns $50,000 more.
“Money doesn’t get in the way if you don’t know what each other gets. However, the difficult bit is the relativities.
“There’s no origination credit and no billing credit, and somehow the firm is meant to see what you have done and compensate you accordingly – how do you know that works? It breeds mistrust.”