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DLA Piper’s partnership has voted in favour of an all-equity model across the non-US side of its business, with management announcing the result today.
DLA Piper International, which includes all of the firm’s non-US offices, currently has a mixture of full-equity, senior fixed-share equity and fixed-share equity partners, but that will change as of 1 May, when the all-equity model comes in.
“We’re pleased to announce that the firm’s partners have approved the one class of partner proposal,” said co-chief executive officer Nigel Knowles. “This change to a single class of partnership will come into effect on 1 May 2012 and will further align the interests of all our partners as we move to the next stage of the firm’s development.”
According to a source within the firm, the threshold to pass the resolution was most likely higher than 75 per cent, indicating high approval from the firm.
DLA Piper has already asked partners joining the equity for capital contributions, but the amount is not known to The Lawyer.
In the 2010-11 financial year DLA Piper had 647 partners, of whom 201 were full equity.