DLA Piper converts to all-equity partnership, brings in £30m
DLA Piper International has converted to an all equity partnership structure, bringing in £30 million in capital contributions.
The change will reduce the firm’s exposure to the bank lending, making a sizeable dent on its overdrafts and loans - which were recorded at £71 million in the 2011-12 financial year, down from £88.5m the previous year.
Co-chief executive Nigel Knowles pointed out that the shift would also align the international firm with the US practice, giving everybody the same interest in the firm and taking away artificial barriers to earning.
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