Eversheds' partners vote in favour of profit-sharing plan

The equity partners of Eversheds have voted overwhelmingly in favour of a new profit-sharing system.Of the 172 equity partners who voted (out of 188 in total), all but six voted in favour, 88% of all who were entitled to vote.

The firm's constitution required a two-thirds majority.The system will come into effect on 1 May.

It comes after an 18-month internal consultation process which followed the firm's move from regional profit centres to a single profit centre in July 2000.The system comprises a four-band structure for the distribution of profit-share: a fixed share, a lockstep allocation, a 'sustained value' award and bonus.Equity partners will receive a banding according to their individual business contribution to the firm, with sustainable value being the key element in determining their remuneration.Bandings will be reassessed and re-aligned if necessary, and an appeal process will also be incorporated into the scheme.Colin Brown, Eversheds' head of operations and chairman of the profit share working party, said: 'The scheme will enable us to make progress quickly by rewarding partners for their contribution in pursuit of the firm's business objective.'