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.
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