Oklahoma firms sticking with equity partnerships
Richard Nix, managing director at McAfee & Taft, was interviewed by legal writer Marie Price about a growing trend among national law firms.
While more and more large firms have begun implementing a tiered partnership structure that includes non-equity partners as well as traditional equity partners, Nix said McAfee & Taft’s single-tiered equity shareholder structure — which provides all partners with an equity stake and full voting rights — has played a major role in recruiting and retaining talented lawyers.
“Locally, there have been some firms that have elected to go that direction,” said Nix. “We have consciously not, because we think that the system we have in place works best, not only for our attorneys, but also for our clients, because the objective is to keep the attorneys here for the consistency of the clients.”