The structure of law firms; LLP, corporate, floated etc. is a subject of much debate. The issues driving the discussion are staff retention, motivation, culture, remuneration, succession and advancement. Not everyone can be an equity partner, the mathematics does not support it and the release and renew approach to associate churn is expensive, time consuming and, at times, unnecessary.
Allocating a proportion of the equity pool to non-partner and non-lawyer employees could be a great way for firms to reward and incentivise staff and encourage behaviours that enhance the business.
Rewarding employees with ownership of a business encourages loyalty and commitment, helps with talent retention, and is a strong motivator for delivering excellent customer service, meaning the brand ethos is represented at every level of the business.