Once in a while a business story catches the eye because it goes right against the grain. One that passes that test is news that DLA Piper’s US arm is set to vote on a substantive restructuring of its partnership that will brings hundreds of salaried partners into its equity ranks.
The outline of the deal to be voted on next month is that around 275 non-equity partners will be asked to contribute capital and move from salaried status to take a direct profit share. At a stroke it promises to reverse a 10-year trend that has seen large law firms continually stretch leverage through the creation of massed ranks of salaried partners.
