The voting concluded earlier today (28 June) with the majority of Freshfields partners voting in favour of radical plans to abolish the firm’s cherished all-equity partnership.
Freshfields’ partnership council approved the plans to create fixed-share partners last month after the firm decided to introduce salaried partners in the Far East. Freshfields is the only magic circle firm that still has an all-equity partnership.
Commenting on the move, Freshfields co-senior partner Guy Morton said: “We’re pleased we’ve been able to agree an important evolutionary change.”
“We believe that the ability to offer [fixed-share partners] will give the firm additional flexibility to help it provide our clients with the range, depth and spread of services that they require, while ensuring that our financial performance remains sufficiently profitable to continue attracting the very best people,” he added.
Freshfields will now flesh out the mechanics of the proposal including the possibility of de-equitising existing equity partners.