K&L Gates announces 'game-changer' program to develop income partners
K&L Gates has launched a new program for income partners that aims to increase their opportunities for advancement and foster a “firm ownership ethic.”
The law firm calls the new initiative PEPP, for “Path to Equity Partnership Program.” The announcement comes after the departure of 30 partners this spring led to news stories in which anonymous sources complained that the firm is too autocratic.
PEPP will include a leadership college where newly promoted income partners will learn from members of K&L Gates’ executive committee. Income partners will also be selected to sit on a new advisory committee that will report to firm leaders on the program and other topics of interest.
The program will include development plans to help income partners assess strengths, set goals, and establish steps toward becoming equity partners. New income partners will also participate in financial counseling meetings that will include information on the financial implications of being a partner.
Craig Budner, the global integration and strategic growth partner, called the program “a game-changer” in the firm announcement. “Too often in law firms, someone makes partner and they are left to figure things out on their own,” he said. “This program affords our lawyers the tools and training they need to be successful owners of the firm.”
