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, confirms to The Am Law Daily.
Those nonequity partners who choose not to kick in will lose their partnership status and instead can “opt to be a kind of salaried employee without those attributes of partnership,” Jordan says. The exact title those nonparticipants will carry is unclear.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]