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London media and entertainment specialist Harbottle & Lewis has dismantled its all-equity partnership to allow for the introduction of fixed-share partners for the first time.
The move is a radical departure for Harbottles. The 22-partner firm has operated an all-equity partnership with a straight seven-year lockstep until now. Over the summer, however, partners voted to allow the assumption of fixed-share partners.
"As the firm has become bigger it seemed logical to have that option at our disposal," said Harbottles senior partner Bob Storer.
However, the firm's first lateral hire since the change will not take advantage of Harbottles' new flexibility.
Paul Jones, currently a partner at music and technology boutique Smiths, will go straight into the equity when he joins the firm as Harbottles' new music head in October.