Compensation, Culture and Competition: Balancing Reward, Governance and Growth

The market for lateral partner talent continues to place significant pressure on law firms on both sides of the Atlantic. Compensation is increasingly being used as both a recruitment and retention tool, raising important questions about culture, governance and long-term firm strategy. In this podcast, CM Murray LLP Partners Zulon Begum and David Fisher are joined by Lisa Smith, Founding Principal at Fairfax Associates, to discuss how law firms in the UK and US are responding to these challenges and what firms can do to attract and retain key talent whilst protecting collaboration, culture and long-term stability. Watch the podcast here or listen here. Key discussion points include: - The changing role of partner compensation and the growing pressure on firms to move away from traditional lockstep models. - The impact of the lateral hiring market on partner retention, culture and partnership dynamics. - How firms are balancing individual reward and collaboration, including the increasing use of discretionary bonus pools, performance-based metrics and expanded origination credit models. - The governance and legal issues arising from compensation decisions, including performance management, transparency, partner disputes and discrimination risks. - Strategies for managing partner exits and team moves, including notice periods, garden leave, restrictive covenants and good/bad leaver provisions. - The different approaches taken by UK and US firms to partner mobility and retention, and the challenges this creates for international firms. - The impact of cross-border mergers and globalisation on partner expectations, remuneration structures and firm-wide collaboration. If you would like to discuss partner compensation, partner retention, lateral hiring, partnership governance or any of the issues raised in this podcast, or if you have any questions, please contact Zulon Begum, David Fisher or Lisa Smith.

Private equity is no longer a theoretical conversation for law firms - it’s happening. But what it actually involves, and what it means in practice, is often less well understood. In this first episode of PE Curious, Corinne Staves is joined by Fredrik Bürger and Mike Strotz of EY-Parthenon, and Zulon Begum and Nick Leale of CM Murray LLP, to discuss the reality behind the headlines - from why PE is interested in the legal sector, to how deals are structured, and what it means for partners. Key takeaways: - Why PE is focusing on law firms: A fragmented market and a well-established investment model make legal services a natural next step. - A different way of being paid: Moving from full profit distribution to a salary + equity model is a fundamental shift - financially and culturally. - Structure comes early: Many firms will need an ABS structure, with legal and regulatory considerations shaping the process from the outset. - Diligence goes both ways: Investors will scrutinise financials, risk and performance - but firms also need to be clear on who they are partnering with. - What drives value: The fundamentals still apply: growth, profitability, quality of earnings, scalability and talent - with increasing focus on data and AI. - Alignment is critical: Partner buy-in can’t be assumed. A clear strategy and strong leadership are essential. - Regulation shapes the timeline: SRA approvals and ownership requirements can add complexity and delay if not addressed early. If you have any questions following this recording, or would like to talk through PE investment in the context of your firm, please do get in touch with Corinne Staves, Zulon Begum or Nick Leale at CM Murray LLP, or Fredrik Bürger and Mike Strotz at EY-Parthenon. Corinne Staves is ranked as a “Star Individual” by Chambers and Partners UK 2026 for Partnership: Non-contentious: “One of the absolute leaders in the field on both contentious and non-contentious matters, regulatory and litigation.” Zulon Begum is ranked Band 1 by Chambers and Partners UK 2026 for Partnership: Non-contentious: “Zulon is extremely responsive and has a solid handle on the challenges of pressure and in the regulatory environment that we have been dealing with.” ”She is calm and confident and gives the sense and feeling of really knowing the topic and the market, which is very important.” Nick Leale is recommended by Legal 500 2026 for Professional Discipline: "Partner Nick Leale is a great addition to the team. He is knowledgeable, approachable, and puts all his efforts into getting results for his clients.” CM Murray LLP is ranked Tier 1 for Partnership by Legal 500 2026: “This practice is unique due to its very specific focus on partnership matters and related transactions.” #privateequity #lawfirms #professionalservices #PE #partnershiplaw

How should regulators respond when criminal offences or other misconduct occur outside a professional's practice? In the latest episode of our regulatory podcast ReguLaw, CM Murray Partners Beth Hale and Andrew Pavlovic are joined by Chloe Carpenter KC of Fountain Court Chambers to discuss the recent High Court decision of Hickey v Bar Standards Board and its wider implications for lawyers and other regulated professionals.  Beth, Andrew and Chole discuss: - Why regulators care about conduct outside of practice - Regulators may take action in relation to conduct outside practice where it raises concerns about fitness to practise or could diminish public trust and confidence in the profession. - Context matters – The Hickey judgment demonstrates the need for regulators to assess the specific facts of each case rather than applying a blanket approach to sanctions relating to criminal conduct. - The nature of the misconduct is critical - Courts and regulators will look closely at the nature of the conduct and the extent to which it genuinely reflects on the individual's professional standing. - Reporting obligations can arise at an early stage - Criminal cautions, charges and convictions will often trigger automatic regulatory reporting obligations, but wider reporting obligations will also need to be considered at the earliest possible stage. - Non-criminal conduct can also attract scrutiny - Regulatory concerns are not limited to criminal offences and may extend to other forms of personal conduct outside professional practice.  - Practical lessons for regulated professionals - The discussion highlights the factors courts and regulators are likely to consider when balancing public confidence, proportionality and professional standards. If you have any questions about the issues discussed in this episode, or would like advice on regulatory investigations, disciplinary proceedings or self-reporting obligations, please get in touch with Beth Hale or Andrew Pavlovic.

At our recent webinar featuring special guests Dr Nina Burrowes (Psychologist, Author, Activist and founder of The Consent Collective) and Bethaney Durkin (Director at Byfield Reputation Counsel), alongside Emma Bartlett, Beth Hale and Gabrielle Lintott of CM Murray LLP, the panel examined the increasingly complex landscape facing employers once a workplace investigation has concluded. Set against heightened statutory duties to prevent sexual harassment and manage third‑party risk, the discussion highlighted that the period following an investigation is often the point of greatest organisational and reputational exposure. The panel discussed the key issues for employers, in particular: - Communicating outcomes: Striking the right balance between transparency and confidentiality remains a persistent challenge, particularly where expectations across stakeholders diverge. - Interpreting the outcome in practice: Investigation findings are rarely experienced as binary, and can have wider implications for perceptions of fairness, trust and organisational culture. - Managing ongoing employment relationships: Where employment continues, decisions around reintegration, oversight and appropriate safeguards require careful judgement. - Rebuilding team dynamics: The wider impact of an investigation on colleagues and teams is often underestimated and can give rise to longer-term cultural and engagement issues. - Mitigating future risk: Investigations should prompt reflection on whether existing frameworks - policy, training and reporting structures - are sufficient. - Responding to evolving duties: Heightened obligations around sexual harassment and third‑party risk are placing greater scrutiny on how employers manage outcomes and demonstrate proactive compliance. The panel also highlighted the importance of prevention, with Dr Nina Burrowes’ recent book, All Reasonable Steps, exploring how psychological insight can be used to strengthen organisational approaches to preventing workplace sexual harassment. A discount code for the book, referenced during the webinar ("prepared") is currently available via her website: https://www.consentcollective.com/ars If you have any questions regarding this discussion or require advice regarding workplace investigations, please do not hesitate to contact Partners Emma Bartlett, Beth Hale, or Senior Associate Gabrielle Lintott, or another member of our Investigations Unit: https://www.cm-murray.com/investigations/

We are delighted to share with you the recording of the recent Professional Practices Alliance (PPA) Webinar, Partner Remuneration: Trends, Pain Points & What Firms Are Changing in 2026. In this recording, Corinne Staves (Partner at CM Murray LLP), Zulon Begum (Partner at CM Murray LLP), Wonu Sanda (Senior Associate at CM Murray LLP) and David Shufflebotham (Founder at PepUp Consulting), Rob Millard PhD (Director at Cambridge Strategy Group) explore how firms are approaching partner remuneration in a period of rapid change. In particular, the panel discuss: - AI and the billable hour tension: As efficiency improves, does time spent still reflect value - or are firms disincentivising change? - Evolution, not revolution (for now): Most firms are adapting incrementally - layering new expectations onto legacy systems rather than redesigning them. - Performance, profit and misalignment: An increasing gap between how firms say they create value and what they actually reward. - Complexity, discretion and challenge risk: Where more nuanced systems are increasing reliance on discretionary decision-making processes, evidence and consistency are critical. - Culture follows compensation: What firms reward ultimately shapes behaviour - raising questions about whether cultures can (or should) stay the same. - External pressure accelerating change: AI and external capital are pushing firms towards more data-driven, performance-focused models. - A clear direction of travel: Away from traditional lockstep and towards contribution, profitability and demonstrable value - but with no single model emerging. If you have any questions arising from this recording or would like to discuss partner remuneration, governance or performance frameworks in more detail, please contact Corinne Staves or Zulon Begum (Partners at CM Murray LLP), David Shufflebotham (Founder at PepUp Consulting), or Rob Millard PhD (Director at Cambridge Strategy Group).

Building on the Glass Cliff discussion between Sophie Williams and Emma Sangeelee at last week’s 7th Annual IFSEA Conference Welcome Drinks Reception - and the Glass Cliff evening event earlier this year, kindly hosted by Mishcon de Reya - this podcast explores the concept in more depth. Drawing on research, lived experience and practical insight, the discussion unpacks how and why underrepresented leaders can find themselves stepping into the most challenging leadership roles - and what can be done to change that trajectory. Once again, Emma Sangeelee (Partner, CM Murray LLP) is joined by Sophie Williams (Author of The Glass Cliff and former global executive at Netflix), Jennifer Millins (Partner, Mishcon de Reya LLP) and Kevin Hogarth (Partner, PSFI LLP and Board Adviser, Executive Coach and NED) to discuss: - What the glass cliff is - and how societal and often unconscious discrimination shapes leadership outcomes - Why underrepresented leaders are more likely to be appointed into roles during periods of organisational crisis - The structural and cultural dynamics behind these appointments, including unequal access to progression, sponsorship and high-profile opportunities - How unconscious bias shapes decision-making - from “think manager, think male” to “think crisis, think female” - The risks for individuals, including scrutiny, limited support and the potential for disproportionate blame when things go wrong - Practical signs to look out for when considering a senior role - and how to assess whether the conditions for success are really in place - The role of sponsorship, organisational support and active leadership in improving outcomes - How the concept can be used in a legal context to identify and evidence patterns of unfair treatment Watch the video below or listen here. The podcast offers a thought-provoking look at a dynamic that continues to play out across organisations and, importantly, where advisers and leaders can intervene to drive better, fairer outcomes. Special thanks to Melissa Davis (CEO, MD Communications) who was unable to join the podcast, but took part in the Glass Cliff IFSEA evening event earlier this year. If you would like to discuss the Glass Cliff further, or if you have any questions arising from this discussion, please contact Emma Sangeelee, Sophie Williams, Jennifer Millins or Kevin Hogarth. Sophie Williams's book, The Glass Cliff, is available for purchase on Amazon and in other bookshops.

The SRA has launched a consultation on changes to its continuing competence regime, driven by the Legal Services Board’s push for a stronger culture of professional ethics across the profession. In this recording, Partners Nick and Andrew discuss what the proposals could mean in practice. In particular, they discuss: • A proposed requirement for solicitors to record and retain evidence of their learning and development for at least three years, moving away from self-certification • The proposed introduction of a minimum of three hours of professional ethics training, focused on interactive, scenario-based discussion rather than passive learning • Practical challenges for firms arising from the proposals, including how larger firms could deal with the requirement to deliver training in small groups and tailoring content to real-world ethical dilemmas • The proposed new powers for the SRA to mandate targeted training in particular sectors or risk areas, with potential enforcement action taken against those who fail to do it • The wider direction of travel - a shift towards embedding ethical decision-making and evidencing competence in practice, not just technical knowledge The consultation is open until 15 July 2026. If you have any questions or would like to discuss the consultation further, please contact our regulatory specialists Nick Leale or Andrew Pavlovic. Nick and Andrew also provide training on SRA regulatory matters, often in conjunction with our employment partners Beth Hale, Sarah Chilton or Emma Bartlett.

Progress has been made in opening up access to senior roles, but the pathways to influence are still shaped by long‑standing networks, notions of “fit,” and the power of reputation. Even in a more transparent world, who gets noticed and who gets recommended continues to depend on visibility, trust and the judgments of a relatively small group of decision‑makers. This podcast revisits the panel discussion PR and the Hidden Circles of Power and Influence, from the 6th IFSEA International Conference on Executive & Founder Issues, which took place in June 2025, bringing together experts from executive search, coaching, PR and employment law to explore how people reach the top, why others struggle to get onto the radar and what organisations can do to build leadership teams that genuinely reflect modern society. Jenny Afia, Schillings (UK) (Chair) Emma Bartlett, CM Murray LLP (UK) Katrina Cheverton, Chief Executive, Savannah Group (UK) Jason Nisse, The Nisse Consultancy (UK) Matt Nixon, Stork & May (UK) In particular, the panel discuss: Circles of power still shape senior appointments: While no longer hidden, they tend to remain concentrated among white, privately educated men from elite universities - reinforced by unconscious bias and a preference for “safe” hires who look familiar. Diversity of thought is now recognised as essential, but harder to source: Organisations want broader perspectives, yet talented people outside traditional networks still need to work disproportionately hard to become visible, even in a more transparent search environment. Who really carries your reputation? Not the public, but a small, influential group: senior peers, former colleagues, and headhunters who trade in trusted first‑hand impressions. Their quiet endorsements (or omissions) matter far more than a polished online profile. Online presence helps - but senior leaders are far more cautious now: Most avoid outspoken social media activity due to reputational risk. Yet the next generation is arriving with more expressive online histories, posing fresh challenges for organisations assessing “fit.” Expanding access requires leaders willing to take thoughtful risks: High‑potential candidates from non‑traditional backgrounds may lack standard credentials, but bring creativity, resilience and lived experience - the kind of assets that rarely surface through traditional hiring filters. Are organisations unintentionally shrinking their future leadership bench? Cuts to graduate schemes and the rise of AI are reducing entry‑level opportunities - disproportionately harming those without established networks, and storing up long‑term succession risks. Targeted access programmes show striking impact: The 10,000 Interns Programme achieves around a 70% retention rate, demonstrating how structured exposure can bring high‑quality talent into organisations that would otherwise miss them entirely. Flexible working remains key to inclusion - but is under pressure: Hybrid work opened doors for parents, carers and those with wider responsibilities, yet many organisations are retreating as old assumptions about visibility, productivity and culture reassert themselves. Inclusive leadership requires courage, curiosity and transparent processes: Leaders need to challenge inherited norms, understand experiences beyond their own, and design recruitment systems that avoid reproducing groupthink. Representation follows when inclusion is embedded.

In this episode, Partners, Beth Hale and Emma Bartlett, and Senior Associate, Gabrielle Lintott, discuss: An Employment Tribunal decision in which a Metropolitan Police worker with ADHD who had made inappropriate sexual comments in the workplace succeeded in an unfair dismissal claim because of procedural failures by the Police, including failure to properly consider medical evidence. This follows a string of cases where employers have been criticised for not properly taking medical evidence and reasonable adjustments required into account when managing performance, disciplinary and other workplace issues.  A recent advertising campaign featuring the ‘AI employee’ – a woman who ‘outworks everyone’ and will ‘never ask for a raise’ – which has sparked controversy for its promotion of sexist stereotypes. We consider the role of AI in shaping access to different industries and roles. Sir Olly Robbins’ dismissal from the Foreign Office and the learnings we can take from that story. We discuss this and the importance of encouraging people to speak up in the workplace, including where they have made a mistake.

Our thirteenth episode of our Women in Sport Podcast, where we discuss developments, initiatives, and issues relating to women in sports. n this episode, Partner Emma Bartlett and Associate Mitchell Blythe are joined by Ruqsana Begum, the first woman to win world titles in both professional Muay Thai and boxing and a fierce advocate for inclusivity in combat sports. Together, they explore Ruqsana’s extraordinary journey through elite sport, breaking down cultural barriers and her recent transition into acting as she appears in the MMA feature film Tramp. In this episode, they discuss: • Breaking into combat sports as a British Muslim Bangladeshi woman, navigating cultural expectations and going from training in secret to finding identity, presence and confidence through martial arts. • A trailblazing career, from Muay Thai world champion to WBU World Boxing Champion, including her experiences becoming captain of the British Muay Thai team and carrying the Olympic Torch at the London Olympics in 2012. • Challenging discrimination in sport, including clothing restrictions, licensing barriers, and why Ruqsana continues to speak openly about racism and gender bias in the governing bodies.  • Creating change, including developing one of the first UK‑designed sports hijabs, coaching women from all backgrounds, and building an inclusive community through Embrace Boxing. • Resilience, ambition and representation, and the pressures faced by female fighters balancing identity, cultural expectations, recovery, and the emotional demands of elite sport. • Her role in the feature film Tramp, bringing authenticity to MMA fight choreography and working alongside lead actor Izabella Malewska to capture the realities of women’s combat sport on screen. • Motherhood, support networks and ambition, and why visibility, and honest storytelling are vital for the next generation of women and girls in sport.