Shoosmiths brings 76 partners into equity structure as firm approaches full-equity model
Just 8% of salaried partners will remain outside the equity structure after 92% choose to move into equity partnership
April 01, 2015 at 05:40 AM
2 minute read
Shoosmiths will move to a predominantly equity partnership as of 1 May as 76 of the firm's salaried partners are set to join the equity.
Nearly all of Shoosmiths' salaried partners (92%) chose to make the move into the equity, which operates as a modified lockstep with an additional merit element including both fixed-share and full-equity partners.
The 8% who have not chosen to become LLP members "will remain highly valued salaried partners", according to the firm.
Shoosmiths will have a total of 126 equity partners after the move.
Chair Andrew Tubbs (pictured) said becoming a predominantly equity partnership would help the firm realise its ambition to grow its share of the UK legal market because there will be "more equity partners influencing the firm's future, voting on key issues and sharing directly in profit growth".
Tubbs added that the option to move into the equity was "voluntary" and followed "full discussion with all partners".
He called the switch to a predominantly equity partnership a "significant step in the development of the firm", which should "lead to even greater success and growth".
Tubbs confirmed that once the partnership restructure takes place, future lateral hires wishing to become equity partners will need to produce an appropriate business case for inclusion, while internal applicants will have to apply through the firm's promotion process.
On 1 May Taylor Wessing will also be bringing 50 fixed-share partners into its equity partnership as the firm moves to a full-equity model.
The move was in part prompted by HMRC changes to the way firms have to pay national insurance contributions for partners, which came into force last April.
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