Nov 13, 2009
Reed Smith to Ask Nonequity Partners to Pay Chunk of Salary to Firm
Reed Smith will ask its roughly 300 nonequity partners to contribute a percentage of their base pay — likely about 15 percent — to the firm in order to maintain their partnership status, Gregory Jordan, the firm’s chair, has confirmed. Those who choose not to kick in can “opt to be a kind of salaried employee without those attributes of partnership,” Jordan says