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In a tumultuous few days for CMS Cameron McKenna, the mid-tier firm overhauled both its partnership structure and management committee.
Three new practice heads will take over the reins of the UK-based corporate, banking and insurance groups. By both revenue and partner headcount, corporate is the firm’s most significant group in the UK, while banking and finance ranks third.
The new heads will also have places on the firm’s nine-member management committee, which includes all seven practice group heads at Camerons plus managing partner Dick Tyler and senior partner Richard Price. Will Meredith is the new UK head of banking, while Andrew Sheach takes over corporate. Liam O’Connell will lead the insurance group.
Respectively, they take over from Duncan Aldred, Guy Billington, who is retiring, and Anthony Hobkinson. The incumbents had each served eight years, the maximum amount of time allowed.
The management rejig comes as Camerons announced that it was scrapping its all-equity partnership by introducing a salaried tier.
The salaried position, which comes with limited voting rights, is a compulsory step on the partnership ladder and salaried partners who will not pay capital contributions will have to wait at least three years before becoming full equity.
Tyler denied the move was a major departure for the firm, insisting that it gave flexibility to the partnership. He said the salaried tier was not a precursor to de-equitisation.