The top 10 law firm has promoted seven PSLs to the newly-created position of professional support consultant (PSC) with effect from 1 September, in a move designed to reward their contribution to the firm.
Under the new system, consultants will also be entitled to additional benefits in return for taking on more responsibility. In contrast to PSLs, who receive no bonus, PSCs will be able to pocket up to 10% of their salary, judged on individual criteria in the light of personal objectives.
In addition, base pay will be increased. PSCs will be paid according to Herbert Smith’s post-qualification experience bandings for associates, minus 5%, while PSLs will receive 10% less than the standard rate. Annual leave has also been increased from 27 to 30 days. In theory, top-performing consultants could take home more than £100,000 in the new role.
The firm will consider PSLs with around nine years’ post-qualification experience for promotion to the new role on an annual basis. Candidates will have to show expert knowledge in their sector and produce analysis and insights into legal developments.
Herbert Smith head of legal knowledge Richard King commented: “We have been looking at the career development of PSLs, for whom - realistically - partnership is not an option. We wanted to recognise that the PSL role has matured into a distinct career option. It is not just an alternative to fee earning.”
Last year the City firm introduced a new of counsel role as an alternative to partnership for its senior associates.
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