‘Clifford Chance is brave to be looking at these things’: City giant mulls move towards all-equity

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Latest proposed changes by Magic Circle firm after recent overhaul of governance structure

Having taken the summer to vote through a substantive overhaul of its governance structure, the autumn agenda of Clifford Chance (CC) will see the partnership consider whether the firm should move to an all-equity model.

The Magic Circle firm currently deploys a single profit pool, lockstep system and partners spend three years as juniors before progressing onto the equity, which ranges between 40 and 100 units.

Continue reading “‘Clifford Chance is brave to be looking at these things’: City giant mulls move towards all-equity”

Mishcons set to move to full-equity LLP in 2015

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Mishcon de Reya is set to bring all partners into the equity and convert to a limited liability partnership at the end of autumn 2015. The proposed new model will constitute a marked shift from the firm’s current structure, which consists of legal directors, junior (or fixed-share) partners and senior (equity) partners.

The transformation will see every partner become a form of equity partner, the current 37 become ‘senior equity partners’ and junior partners will be ‘junior equity partners’.

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Clyde & Co whistleblower case sees Supreme Court hand partners protection

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Partners who expose malpractice in their own law firm will now be protected by whistleblower legislation, the Supreme Court ruled on 21 May, in a precedent-setting judgment that follows a claim brought by former Clyde & Co partner Krista Bates van Winkelhof.

The Supreme Court held – overturning a Court of Appeal finding in 2012 – that members of limited liability partnerships are ‘workers’ for the purpose of employment legislation and therefore have the same protections as employees if they have ‘blown the whistle’ at work.

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Firms face additional partner pensions liability after Supreme Court defines LLP members as ‘workers’

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Partnerships could now be saddled with a new layer of financial and administrative responsibility after a Supreme Court ruling last week found that partners are ‘workers’ for the purposes of whistleblowing legislation. Continue reading “Firms face additional partner pensions liability after Supreme Court defines LLP members as ‘workers’”

DLA Piper stands by scandal-hit lawyer Nick West as he issues apology

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Following a conduct review, DLA Piper has opted to stand by Nick West, whose sexist email exchanges with Premier League chief executive Richard Scudamore were leaked last week, after the partner today (21 May) publically apologised for letting down the firm and its clients.

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Clyde & Co whistleblower case sees Supreme Court rule partners are afforded protection

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Partners who expose malpractice in their own law firm will now be protected by whistleblower legislation, the Supreme Court ruled today (21 May), in a precedent-setting judgment that follows a claim brought by former Clyde & Co partner Krista Bates van Winkelhof. Continue reading “Clyde & Co whistleblower case sees Supreme Court rule partners are afforded protection”

A&O looks at 20% female partner goal as part of wider strategy to improve ratio

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Allen & Overy’s (A&O’s) senior partner David Morley and global HR director Genevieve Tennant are meeting on Monday (19 May) to consider introducing a 20% female partnership target by 2020 as part of the firm’s long term approach to bolstering its female partner numbers. Continue reading “A&O looks at 20% female partner goal as part of wider strategy to improve ratio”

Clyde & Co alleged whistleblower case to see Supreme Court decide if partners are afforded protection

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The Supreme Court will next week preside over a precedent-setting case to decide if partners of limited liability partnerships (LLPs) are entitled to whistle blower protection, following a claim brought by former Clyde & Co partner Krista Bates van Winkelhof. Continue reading “Clyde & Co alleged whistleblower case to see Supreme Court decide if partners are afforded protection”

Comment: The road to equity – a difficult journey, an uncertain destination

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The legal profession is going through a period of dramatic and profound change, and the forces driving these changes are having far-reaching consequences on the industry. The roles and responsibilities of the equity partner are not immune from these forces, and are evolving and expanding in response. For many this is creating great ambiguity, while others are seizing the opportunity. Continue reading “Comment: The road to equity – a difficult journey, an uncertain destination”