While salaried partners at KWM have always been eligible to receive a discretionary share of the firm’s profits based on performance, this will be the first time that they have been asked to contribute capital. According to reports in Legal Week, salaried partners have been asked to contribute around £60,000 each to the firm, though it’s not yet clear what they will be receiving in return. In January, KWM announced plans to reassess its capital contributions structure as part of its broader 2020 strategic review, with a spokesperson disclosing to Legal Business that the firm has always been ‘lowly capitalised.’
Partner exits continue
Meanwhile, KWM continues to hemorrhage partners, with two more announcing their departure from the firm on Monday. Commercial litigation partner Elaine Whiteford is making the switch to Covington & Burling, which has already poached two partners from KWM in the last year. Meanwhile, dispute resolution partner and legacy SJ Berwin lawyer Paul Stothard has departed for Norton Rose Fulbright, where he will work out of the firm’s London and Middle East offices. The exits come amid plans to cull KWM’s equity partnership in the UK, Europe and Middle East by around 15 per cent this year.
Sources: Legal Week; The Lawyer; Legal Business
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