DLA Piper presses Asia partners to inject capital
DLA Piper's Asian arm is set to introduce measures requiring all partners to make capital contributions to the global giant. The move will bring the firm's Asian presence in line with DLA Piper International - including the UK - with all partners paying capital contributions increasing over a three-year period. To date, no partners in Asia - either fixed share or equity - have been required to make contributions, as under the existing structure all Asia partners benefit from a 'free in, free out' policy. The current plan is therefore unpopular with some - particularly as it will change partners' tax status.
November 27, 2008 at 12:56 AM
2 minute read
DLA Piper's Asian arm is set to introduce measures requiring all partners to make capital contributions to the global giant.
The move will bring the firm's Asian presence in line with DLA Piper International – including the UK – with all partners paying capital contributions increasing over a three-year period.
To date, no partners in Asia – either fixed share or equity – have been required to make contributions, as under the existing structure all Asia partners benefit from a 'free in, free out' policy. The current plan is therefore unpopular with some – particularly as it will change partners' tax status.
It is understood that the current plans – being pushed through by joint chief executive Nigel Knowles and Asia head Alistair Da Costa – are likely to come into effect next year with final details of the arrangement still under discussion.
DLA Piper has five offices in Asia including Hong Kong, Beijing and Singapore but only a handful of equity partners. Voting rights – held only by equity partners – are not thought to be affected by the capital contributions.
The firm is in the process of arranging financing packages for those needing to contribute, with loans expected to be available from Bank of East Asia.
DLA Piper said the move is unrelated to the current US overhaul, which is set see the firm scrapping the salaried partner status held by 275 partners by asking them to contribute capital.
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