Posted Jul 16, 2013 12:56 pm CDT
Akin Gump Strauss Hauer & Feld will beef up its partner capital by moving to an all-equity partnership structure.
The change will take place in January 2014, the Wall Street Journal Law Blog (sub. req.) reports. Currently, some partners are salaried and some have an equity partnership stake.
The extra money raised from new equity partners can be used to fund expansions, though the firm doesn’t have any particular project in mind, according to Akin Gump chair Kim Koopersmith. “We thought it made sense to have everybody have skin in the game,” Koopersmith told the Law Blog.
Income partners will eventually see their pay vary based on a point system, though a portion of pay will be guaranteed at first.