Twelve per cent of CMS Cameron McKenna partners have volunteered for de-equitisation as the firm puts the finishing touches to a radical overhaul of its partnership.
Duncan Weston
Last month Camerons invited partners in struggling practice groups to leave the lockstep and become fixed-share partners.
The 16 volunteers mean that managing partner Duncan Weston has met his target of one-tenth of the partnership moving to fixed-share status.
Weston said the partners would receive a one-off profit payment after leaving the equity and after three years would get approximately 60 per cent of the capital they had invested in the firm.
This week Camerons unveiled full details of its new partnership structure, dubbed the ‘magic roundabout’ after the circular diagram being used to illustrate the firm’s career path.
Weston said: “We’ve moved the partnership into a more viable structure. It gives our staff some pretty clear career opportunities to aim for.”
Camerons is also extending its local partner role, previously only used outside London, across the firm (The Lawyer, 6 March).
Exactly what does it mean to be a “partner” at Camerons these days? Will it ever be clear to clients what they’re paying for? Will there be different rates for different classes of partner reflecting the differing value Camerons places on them? Thought not.