Camerons to open equity after three-year 'gateway' lockdown
CMS Cameron McKenna is to consider the first internal promotions to its equity partnership for almost three years. The firm has kept a tight grip on the equity since introducing the 'gateway' partner level in 2007, adding only a select number of lateral hires to the full equity since then.
February 10, 2010 at 07:04 PM
2 minute read
CMS Cameron McKenna is to consider the first internal promotions to its equity partnership for almost three years.
The firm has kept a tight grip on the equity since introducing the 'gateway' partner level in 2007, adding only a select number of lateral hires to the full equity since then.
Camerons has 144 equity partners firmwide, with 118 in the UK. The firm has a three-tier partnership that sees senior associates first becoming office partner, and then progressing to gateway partner, which entitles them to a share of the firm's profits. After completing a period in the gateway a partner can then be put forward to be elected to full equity status.
The first gateway partners were appointed in May 2007 and there are now 25 gateway partners firmwide, although none have been promoted to full equity either in the UK or internationally. The firm said some candidates would be up for consideration for the equity this year.
A Camerons spokesperson said: "The firm is currently undertaking partnership assessment and will be considering partner promotions/appointments in March or April, with the decision effective from 1 May. Though there is flexibility, the minimum gateway period is generally three years and this is therefore the first time since 2007 that promotions from the gateway are being considered."
Last year Camerons asked all of its partners to consider taking a fixed rather than flexible share of the firm's equity, with 16 partners – 12% of its partnership at the time – agreeing to take on fixed-share status.
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