UK Legal Week Magazine has reported that..
DLA Piper’s Asian arm is set to introduce measures requiring all partners to make capital contributions to the firm
Legal Week write:
The move will bring the firm’s Asian presence in line with DLA Piper International — including the UK — with all partners paying capital contributions increasing over a three-year period.
To date, no partners in Asia — either fixed share or equity — have been required to make contributions, as under the existing structure all Asia partners benefit from a ‘free in, free out’ policy. The current plan is therefore unpopular with some — particularly as it will change partners’ tax status.
It is understood that the current plans — being pushed through by joint chief executive Nigel Knowles and Asia head Alistair Da Costa — are likely to come into effect next year with final details of the arrangement still under discussion.
Read the full story at
http://www.legalweek.com/Articles/1184450/DLA+Piper+presses+Asia+partners+to+inject+capital.html
