CMS asks junior partners to contribute up to £50k each as HMRC changes kick in
CMS Cameron McKenna has asked its fixed-share partners to inject up to £50,000 each in capital in response to HMRC's new tax rules.
April 14, 2014 at 07:20 AM
2 minute read
CMS Cameron McKenna (CMS UK) has asked its fixed-share partners to inject up to £50,000 each in capital in response to HMRC's new tax rules.
It is understood that the firm has asked 90 fixed-share partners to put in between £35,000-£50,000, resulting in total investment of between £3.15m and £4.5m.
The firm declined to comment on the arrangements.
Last year Legal Week revealed the firm rejigged its partnership remuneration structure to allow junior partners to progress more quickly through the lockstep to full-equity status. Junior partners spend at least four years in the firm's fixed-share band in the revamped system.
Like many firms taking similar measures, CMS UK's move is in response to HMRC's changes to how the employee status of partners at limited liability partnership (LLPs) is determined. Earlier this month it emerged that Hogan Lovells has asked its non-equity partners to contribute between £60,000-£100,000 each to meet HMRC's new requirements. The firm has around 65 salaried partners.
Holman Fenwick Willan and Nabarro have granted increased voting rights to junior partners after asking them to provide their respective firms with capital amounting to at least 25% of their annual earnings.
Eversheds, meanwhile, is reviewing voting rights for fixed-share partners. The firm is holding an extended consultation on the matter after also asking its 164 junior partners to contribute 25% of their annual earnings.
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