Reed Smith will ask its roughly 300 nonequity partners to contribute a percentage of their base pay -- likely about 15 percent -- to the firm in order to maintain their partnership status, Gregory Jordan, the firm's chair, has confirmed. Those who choose not to kick in can "opt to be a kind of salaried employee without those attributes of partnership," Jordan says. The move has unnerved a chunk of the nonequity partner ranks, according to sources.
Reed Smith to Ask Nonequity Partners to Pay Chunk of Salary to Firm
The American Lawyer
November 16, 2009