Jenner law firm demoting 15-20 partners
Law Firm News
Jenner & Block, a Chicago-based law firm that focuses on litigation, is shifting 15 to 20 of its equity partners to non-equity status, the National Law Journal reported Monday, citing anonymous sources.
Some of the partners are being asked to leave and a smaller number are opting for voluntary retirement, the legal newspaper said.
The firm's management last month began to move forward with the plan to cut some of the equity partners during the next year or two, according to anonymous sources cited in the Law Journal.
Though it eliminates the security of partnership -- once as honored as tenure at a university -- de-equitizing partners is a means to boost the average profits earned by equity partners to retain rainmakers and lure new talent. Equity-per-partner rankings have become the industry's measuring stick in the absence of any other accepted method, making demotions from partnership increasingly common.
In March Chicago-based Mayer, Brown, Rowe & Maw LLP announced its decision to purge 45 partners amid revenue growth of 11 percent in 2006. The conservative firm, one of the nation's 10 largest in 2006, topped $1 billion in revenues for the first time in its 125-year history. Sidley Austin demoted more than 30 partners in an effort to be more competitive more than eight years earlier.
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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.