Law Firms
Jenner & Block Culls Equity Partners
Posted Jun 11, 2007, 08:05 am CDT
By Debra Cassens Weiss
Jenner & Block will shift between 15 and 20 equity partners to nonequity status this year.
The National Law Journal reports that some of the partners will leave the firm and others will move toward retirement.
Some recruiters predict more firms will follow suit in an effort to boost partner profits. Last month Mayer, Brown, Rowe & Maw announced it would eliminate 45 equity partners.
A Jenner spokesman declined to comment. The firm has 467 lawyers and has profits per partner of $760,000, making it 77th in per-partner profits in AmLaw’s rankings.
Jenner is one of the few large-firm holdouts in Chicago that have not hiked associate pay to $160,000.
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