Dundas & Wilson has dropped its all-equity model and introduced a fixed-share tier into its partnership.
At least some, if not all, of the four partners made up at the firm in May became fixed-share partners and The Lawyer understands that a number of equity partners at the firm have been de-equitised.
The news comes as merger talks between the Edinburgh-headquartered firm and London’s Bircham Dyson Bell have been called off (The Lawyer, 10 October).
In a statement, Bircham managing partner Guy Vincent said: “Both firms have independently and jointly concluded that, due to differences in their operating models, the downsides outweigh the potential upsides.”
Dundas has been looking to bulk up in London for some time and a move away from an all-equity partnership is in line with this goal.
Dundas declined to comment.