Law Practice Management
DLA Piper Asks 275 Non-Equity Partners to Ante Up, Goes to 1-Tier Structure
Posted Nov 19, 2008, 05:15 pm CST
By Martha Neil
One of the biggest law firms in the world is making a "seismic shift" to a one-tier partnership structure, reports Crain's Chicago Business.
To strengthen the firm's financial position in a struggling economy, DLA Piper has invited 275 non-equity "income" partners to make capital contributions that haven't yet been determined. In exchange, they will join the firm as full partners, according to a Crain's article published today. This could nearly double the number of equity partners: DLA Piper presently has 300.
"By raising funds from a new crop of equity partners and compensating them with a share of the profits, DLA would eliminate income partner salaries and trim payroll costs and borrowing needs," the business publication… Continue reading...
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