CMS and Dundas partners sign up to two-year lock-in ahead of merger
Dundas & Wilson and CMS Cameron McKenna (CMS) have agreed a two-year partner lock-in as part of its £270m merger, which is set to go live later this year. It is understood that partners have been locked into the partnership for two years on a particular level of pay as a condition of the merger.
January 27, 2014 at 07:21 AM
2 minute read
Dundas & Wilson and CMS Cameron McKenna (CMS) have agreed a two-year partner lock-in as part of its £270m merger, which is set to go live later this year.
It is understood that partners have been locked into the partnership for two years on a particular level of pay as a condition of the merger.
All of Dundas' partners will join CMS' two-tier partnership structure, which was overhauled in May and divided into full-equity and fixed-share ranks, with the intenetion of speeding up progression for junior partners.
As revealed by Legal Week, the lock-in was first agreed during discussions between the partnerships last year. It has now emerged that the arrangement will persist for a two-year period.
A spokesperson for CMS said: "With every merger there are terms agreed with partners. In this instance, Dundas & Wilson are joining the CMS partner model in the UK and therefore there are contracts agreed with each of them. We never comment on the details of partner contracts."
Dundas declined to comment.
Earlier this month Dundas confirmed that a group of six partners left the firm ahead of the merger. Disputes partner Andrew Walker, one of the founding partners of Camerons' real estate disputes practice, departed alongside construction partner Siobhan McCloskey-Oudaharm, employment partner David Walker, environment partner Mark Brumwell, employment partner Mandy Laurie and commercial partner Allan Wardhaugh.
The news came after it emerged that a group of senior partners, including former chairman David Hardie, would not be joining the combined firm, while a further batch of partners had not received offers to move across when the merger comes into effect.
The merger was voted through last month. Eighty percent of the CMS UK partnership was required to vote in favour of the deal for it to go through, while at Dundas the threshold was 75%.
From the go-live date on 1 May, Dundas' Edinburgh and Glasgow offices will take on the CMS banner but will retain the Dundas name for a transitional period of six to 12 months, while the Aberdeen and London offices will become CMS.
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