Equity partners at CMS Cameron McKenna will be booking Butlins for their summer holiday after the firm announced it would be asking for "volunteers" to moved to fixed share status.
Legal Week reports that the firm informed partners of the decision earlier this month. At the moment the scheme is voluntary - although it remains to be seen how many turkeys are actually going to vote for Christmas. In an effort to persuade them, fixed share partners will retain their voting rights and remain formal members of the LLP (woo). And they'll still have "partner" on their business cards and they won't be made to carry the bags of the equity partners*.
However the firm has been at pains to make clear that this is not de-equitisation, with a spokesman confusingly pointing out that they would still be paid from the same pool of cash as equity partners. Err... so like any other de-equitised fixed share partner, then?
*This last bit about the bags made up by RollOnFriday. No formal guarantee has been issued by CMS Cameron McKenna that de-equitised fixed share partners won't be made to carry the bags of equity partners