KWM bailout deal to affect salaried and equity partners
King & Wood Mallesons has confirmed that the proposed Europe and Middle East bailout deal will involve guaranteed minimum earnings to equity partners, as well as a request for cash contributions from salaried partners. According to the terms set by the firm’s Chinese and Australian management team, equity partners will be assigned to a point system, under which equity partners will earn a minimum value provided they abide by a lock-in agreement.
Salaried partners are being asked to contribute £60,000 to the business in order to help reduce the debt load carried by the Europe and Middle East division, which currently stands at over £30m. The bailout terms are pending a vote in which at least 70 of the firm’s Europe and Middle East partnership must approve.
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