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Partner Remuneration System
Performance based with a bonus.
corrs tin-rattling antics are forgiven, not forgottenPartner Pay for 2008/09
A handful of top partners are said to be on guaranteed incomes, as high as $1,900,000.00, while most of the partnership earns more than $1,000,000.00. Salaried partners begin on $270,000.00, new equity partners on $350,000.00 and mid-level equity partners on $600,000.00 with bonuses on top.
Pay
Estimated Profit Margin = 43%
Estimated Profit = $101,000,000.00
Estimated Profit Per Lawyer = $250,000.00
Estimated Profit Per Equity Partner = $1,240,000.00
Revenue
2008/09 Revenue = $235,000.00
Revenue Change 2008/09 = -3.3%
Revenue Per Lawyer = $570,000.00
Revenue Per Partner = $2,160,000.00
Revenue Per Equity Partner = $2,890,000.00
The Verdict
Chief executive John Denton say the firm is “recording our best September ever”. Infrastructure from the firm (the firm has been working on desalination projects in Victoria and South Australia and government work will drive a “much stronger year”, he says. The firm is also advising Chinese companies seeking to invest in the local resources sector.
Comment
Denton has made no secret of his desire to play ball with the biggest firms. Though a slight dip in revenue this year is bound to be a disappointment, the relatively high partner drawings and maintenance of profit margin mean Corrs can offer mega-firm partners a tempting career alternative. Denton’s energy and strategic vision, and the firm’s smaller partnership, will allow it to be more agile than its larger competitors.
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