Biglaw

BakerHostetler Considers Turning Partners into Shareholders
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

BakerHostetler

Summary: In September the partners at BakerHostetler will vote to decide if all partners in the 930-laywer firm will have an equal stake.

The act of turning partners into shareholders is not uncommon in big law firms. In 2012 DLA Piper made a similar change and in 2013 Akin Gump Strauss Hauer & Feld LLP made the change to an all-equity system. Now Baker & Hostetler LLP is considering giving all partners an equity share.

  
What
Where


For some law firms a partner is given voice in the operations of the firm and a salary that is influenced by the firm’s yearly profits. Sometimes being a partner means very little and comes with a salary not much higher than a senior associate. Making it so all partners are on even ground is a move that many wish to see.

Baker & Hostetler will vote in September on the proposed idea of eliminating the two-tier partnership for an equal one where all partners have an equal stake. The firm wants to make all the partners invested in the firm’s success by strengthening their culture. This change would not make all partners have the same pay but would just give everyone the same formal ownership of the company.

Just nine years ago, law firms were going in the opposite direction and creating the two-tier system. Seventy-nine percent of the country’s highest grossing firms were using a two-tier partnership system. This system helped boost a firm’s profits-per-equity-partner numbers measured by the American Lawyer publication. Firms would place their smaller-salaried partners into non-equity categories.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




While a few larger law firms are trying something new to foster a more unified and invested culture in their firms, not many are looking to make the change to all-partner equity just yet.

Source: http://blogs.wsj.com/law/2015/08/10/baker-hostetler-weighs-giving-all-partners-stake-in-the-firm/



Photo: strutnyc.com



 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Mid-level Tax Associate Attorney

USA-CA-Los Angeles

Los Angeles office of an AmLaw firm seeks mid-level tax associate attorney with 3-5 years of experie...

Apply Now

Real Estate/Transactional Attorney

USA-PA-Camp Hill

Camp Hill office of our client seeks real estate/transactional attorney with experience. The candida...

Apply Now

Corporate Attorney

USA-WY-Laramie

Laramie office of our client seeks corporate attorney with 2+ years of experience.

Apply Now

RELEVANT JOBS

Associate Attorney

USA-CA-Novato

Attorneys helping people........Brayton Purcell LLP is an extremely busy plaintiff\'s litigation pra...

Apply now

Casualty Attorney II

USA-CA-Irvine

Kuluva, Armijo & Garcia is seeking an experienced and skilled California litigator for the position ...

Apply now

Legal Assistant / Paralegal

USA-FL-Tavares

Tavares boutique and growing law firm is looking for a full-time legal assistant / paralegal to work...

Apply now

Litigation Associate Attorney

USA-CA-San Francisco

Andrus Anderson LLP is a plaintiffs’ firm in San Francisco looking for a full-time associate w...

Apply now

SEARCH IN ARCHIVE

To Top