Sandberg, Phoenix & von Gontard is anticipating growing the number of nonequity shareholders at the St. Louis firm, but first it has to figure out what’s expected of them.
Everything is on the table, including voting rights and whether nonequity shareholders will make capital contributions, said Michael Forster, managing partner of the 66-attorney firm. Currently, nonequity shareholders chip in about a third of what equity shareholders do. Forster declined to give a figure for equity shareholders’ capital contributions, but a typical amount for Missouri law firms of similar size is $40,000.
Law firm nonequity partners receive fixed salaries. Equity partners receive a share of a firm’s profits.
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