Reed Smith is set to ask its non-equity partners to contribute up to 15% of their base pay to the firm in order to maintain their partnership status. Those non-equity partners who do not agree to the terms will lose their partnership status and instead can "opt to be a kind of salaried employee without those attributes of partnership," said global managing partner Greg Jordan. The exact title those non-participants will carry is unclear.
November 16, 2009 at 05:41 AM
1 minute read
The original version of this story was published on Legalweek
Reed Smith is set to ask its non-equity partners to contribute up to 15% of their base pay to the firm in order to maintain their partnership status, reports The Am Law Daily.
Those non-equity partners who do not agree to the terms will lose their partnership status and instead can “opt to be a kind of salaried employee without those attributes of partnership,” said global managing partner Greg Jordan. The exact title those non-participants will carry is unclear.
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