LawFuel.com – The Web’s Best Law Firm Newswire – Akin Gump is to restructure itself into an all-capital partner system in January 2014, following a reportedly intensive internal review of the global firm.
The change will mean partners will be put on a multi-tier system that combines a combination of both guaranteed and variable remuneration and will have a direct impact on 75 of the firm’s partners who are currently paid on a straight income basis.
The firm’s chairman, Kim Koopersmith said that the firm ‘saw value in a streamlined compensation system and consistent evaluation criteria across the firm, which this new structure wil provide.’ She added that the shift would ‘also help further strengthen the firm’s financial position in both the short term and the long term.’
Ms Koopersmith said that there was a ‘very strong desire’ for income partners to be ‘directly invested in the success of the firm and for greater harmonisation of our firmwide evaluation criteria.’ The statement went on to say that under the new structure, income partners will, at a minimum, maintain their level of compensation for 2014. And it added that income partners would also contribute capital on a graduated basis which would be due in April 2014.