LG is to get rid of its salaried partner rank following an extensive consultation at the firm.
The Lawyer revealed that the firm’s management had began consulting all 22 of its salaried partners last year, in a bid to simplify the partnership structure and save money (14 September 2009).
LG will be left with a two-tier partnership made up of equity and fixed share partners and will not appoint any new salaried partners. The majority of its salaried partners have converted to fixed share status, contributing capital to the firm, while LG will not have to pay national insurance on their behalf.
Sixteen salaried partners converted to fixed share status on 1 October 2009. A further two partners left the firm, while four partners will remain in the salaried role. A firm spokesperson declined to comment on whether they will be retiring or remaining at the firm in non-partner roles.