Compromising in a relationship can be tricky enough when there are just two people involved. Imagine the headache when two firms marry to become a 1,300 staff, 770-lawyer outfit. The compromises could be life-changing.
Wragge & Co will drop its all-equity partnership structure after it merges with Lawrence Graham (LG) in May. For the time being the firm will have a two-tier structure while it assesses whether LG’s 35 non-equity partners should be admitted to the equity.
Dundas & Wilson and CMS Cameron McKenna partners are understood to have made a two-year commitment to the combined firm, after agreeing lock-in terms in return for income guarantees based on average earnings.
All Dundas’ partners are expected to join the first two tiers of CMS’ recently overhauled structure post-merger.
The terms of endearment are starting to take shape.
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