A partnership tax is on the way for law firms in San Francisco blurAZ
The firms - represented by Amy Silverstein of Silverstein & Pomerantz LLP - had challenged 'Proposition Q', a headcount tax which has been extended to cover partnerships as well as other businesses. But the firms look likely to have reached the end of the road in their appeals - as the California Supreme Court has just refused to hear an appeal on the subject.
The other firms which had opposed the application of the tax to them include Herrington & Sutcliffe, Latham & Watkins, Lewis Brisbois Bisgaard & Smith, Hanson Bridget, Shartsis Friese and Pillsbury Winthrop Shaw Pittman. However, a spokesman for the City of San Francisco - Deputy City Attorney James M. Emery - said that the tax 'will sunset in three years'. Source: Bloomberg