Bao Partners

The leading edge can no longer be defined in this digital era by the control of space, but also requires that of knowledge. This means a redefinition of the new executive’s profile, from his or her academic experience to the new requirements made on the professional market.

Technological expertise is no longer just an upgrade on the executive’s resumé, but a fundamental asset, whether it is to stay on level with the competition, or in order to understand the key factors in the market and surpass them.

Additionally, new technologies allow for a new kind of executive life, living them increased mobility, adaptability and balance with their personal lives.

Does this apply to your firm?

Maribel Ferrero
Managing Director
Bao & Partners / Signium International

The published results of the Comparative Analysis of Salaries in Law Firms for this year show, in general, an increase in salaries across professional levels, and most significantly in the total remuneration in the lowest professional categories (Entry-level and Junior Associate).

In regards to variable benefits, all firms analyzed offer this type on compensation starting with a certain category onwards. The consensus is to apply this form of remuneration beginning with Lawyers in their 7th year, although is can be noted that firms are more frequently applying variable benefit plans at lower levels.

As far as non-monetary benefits, starting with the contractural incorporation of lawyers by the firm, the majority of firms have begun using flexible non-monetary benefits has a form of additional remuneration.

Does this sound like our firm? We invite you to comment on your personal experience!

María José Sobradillo
Associate Principal
Bao & Partners / Signium International

One of the main conclusions reached in the 2007 study Comparative Analysis of Salaries in the Spanish Private Equity Sector illustrates the progressive annual stabilization of salaries in the sector.

At the level of Investment Executive for example, the consolidation can be seen in a lesser increase in the fixed compensation as compared to the increase in previous years. Additionally, Smaller or newly created funds are paying their professionals at the same level as the rest of the market, demonstrating a new stability in terms of salaries in the sector.

Also of note, in addition to salary consolidation, professionals in the sector are increasingly benefiting from more attractive finge benefit packages, a technique that Private Equity companies are adopting as a method of retaining talent. 

Monica Perez Hurtado
Associate Principal
Bao & Partners / Signium International

The continued strength of the Investment Banking sector continues to stimulate a high demand for talent on behalf of the principal players, and therefore an increase in remuneration at all levels. In an attempt to attract and retain qualified professionals, companies are relying more heavily on intangible benefits.

Out of the companies studied in the Comparative Analysis of Salaries in Investment Banking in Spain, presented by Bao & Partners / Signium International this October, 95% utilize some type of fringe benefits as a form of non-monetary remuneration, which ranges from private medical or life insurance, meal tickets and parking spaces, to benefits such as company cars, mobile phones and retirement plans. This form of compensation is becoming noticeably frequent even for junior positions.

Pedro Herráiz
Associate
Bao & Partners / Signium International

During the past few days, Telefónica, Vodafone, Orange and Ono have established the Association of Telecommunications called Redtel; which according to their president Miguel Angel Canalejo, has been founded with the intention to place Spain at the top of the Information Society.

Reflecting on this issue, a thought that has been bothering me for quite some time comes to mind: apart from the founding associations, in order for Spain to get to the top of the Information Society, the directors of companies in the TIC sector and of all the other companies not only has to have a high management capacity covering all aspects of general management, but also have to have sufficient technological knowledge. This knowledge will help them to accelerate the derived benefits of this technology to all sections of the company and to the Spanish economy, and will surely make companies more competitive. Only this way will Spain really get to the top of the of the Information Society.

The directors of the 21st century, independent from the sector they belong, need to know how to adapt to change and to be a sufficiently visionaries to direct the implantation of technology in their companies. The companies have to make sure to recruit directors with this profile and to supply them with the necessary formation.

Maribel Ferrero
Managing Director
Bao & Partners
Signium International

The management of Professional Services companies, auditors, consulting firms or law offices has experienced great changes during the last few years, including the substitution of the Managing Partner for the figure of the Managing Director, in their attempt to look for better efficiency in management. But undoubtedly in the past few years, the American market has surprised us with a new tendency that will mark a different future. This consists on substituting the figure of the “rainmaker” (authentic kings of the company) for that of the “starmaker” whose values are centered on the team rather than on the individual. These are the values that today’s companies are looking for.

Of course, the generation of business is still important but what now matters most is the capacity to give clients continuous service by developing the talent of team members, not individual players that look for personal success. What is important now is that most people are motivated to work for a person whose main ambition is to develop their team and who has the ability to develop stars, a ‘genuine starmaker’.

Ignacio Bao
President, Bao & Partners
Worldwide Chairman, Signium International