Chicago-based firm, Mayer, Brown, Rowe & Maw, has de-equitizated 45 of its partners, or around 10 percent of its total. Sources report that most of the terminated partners were in the U.S., but the firm is remaining quiet on the details. The restructuring comes despite a strong financial year in 2006; according to the firm, the changes were made to “enhance the firm’s position among the world’s leading law firms.” Rival Chicago firm Sidley Austin’s decision to de-equitize 32 partners in 2000 is currently under scrutiny by the Equal Employment Opportunity Commission, which claims the termination was a result of age-discrimination. Firms that downsize in this manner usually do so to increase profits per partner and attract and keep money-making partners.
Source: www.law.com