DLA Piper, the nation's largest law firm by attorney head count, plans to ask U.S. income partners to contribute capital to the firm for the first time starting next year and to reduce monthly payments to some top U.S. equity partners as the firm seeks to reduce its reliance on bank credit and simplify its compensation structure. The amount that each of the firm's 275 income partners — who now receive an income rather than hold an equity stake at the firm — will be asked to contribute will depend on seniority and will give them a limited stake in the firm's profits and losses that is less than that of current equity partners. "Everybody who is a partner in the firm will have some skin in the game," said firm CEO Frank Burch Jr.
DLA Piper, for first time, to ask income partners to contribute capital to firm
The National Law Journal
November 20, 2008
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