Meanwhile, the company is spending $10 million this year to beef up its ranks by hiring "market leaders," particularly in its LaSalle Investment Management operations that is receiving a strong flow of capital. The results from the hiring may not show up until late 2006, says chief financial officer Lauralee Martin, as it takes about 18 months for new hires to hit Jones Lang LaSalle's target levels.

Jones Lang LaSalle already has issued 9.1 million shares of company stock in its incentive plan, according to a company proxy statement. The shares vest from 18 months to 30 months. The new shares, expected to cover incentive payments over the next three years, represent 9% of the company's outstanding stock. Jones Lang LaSalle stock closed Monday at $38.03, which would put the value of the new incentives at $114 million through 2008.

"We believe the use of equity-based incentives contributes to our financial success for our shareholders, by continuing to motivate key employees," says chief executive officer Colin Dyer. "We are convinced our model provides a stronger long-term value proposition for our shareholders, clients and employees."