CMS Cameron McKenna is ;asking ;partners ;to volunteer for de-equitisation as part of the ongoing shake-up of its partnership.
At a meeting earlier this month partners in recession-hit departments were asked if they were willing to leave the lockstep and downgrade to fixed-share status. It is understood that around 10 per cent of partners will be affected.
Camerons has a majority equity partnership, with six salaried or ‘gateway’ partners out of a total of 133. It is understood that there is a handful of fixed-share partners, but the de-equitisations would effectively create a new partnership rung.
It is hoped that high-earning partners who are struggling to meet billing requirements will take up the offer.
The firm stressed that the scheme was voluntary, although it would not rule out this changing in the future.
As revealed by The Lawyer last week (9 March), Camerons is also set to offer senior associates the title of local partner.
The role is one layer down from gateway partner, which lawyers occupy for three years before joining the equity.
Around 60 local partners are already employed in the firm’s Eastern Europe offices. They do not have voting rights and do not receive profit shares.