King & Wood Mallesons delays profit distributions

King & Wood Mallesons (KWM) has yet again postponed its payout of profit distributions to partners. There have been no previous delays in payment since KWM transitioned to a monthly profit distribution system earlier this year. According to a statement by the firm, this delay is related to the recent vote to recapitalise the firm, which resulted in a tax bill due at the end of July. The recapitalisation plan was approved in July by KWM partners, who will commit more than £14m in an attempt to strengthen the firm’s EUME business. KWM has seen a number of recent departures from the firm, including voluntary exits as well as those resulting from restructuring.

King & Wood Mallesons delays profit distributions legalweek.com Mon, Aug 15, 2016