Pinsent Masons has become the latest firm to issue a cash call on its partners.
The firm is looking for an extra £6million, Legal Week reported, which means that partners at the top of equity would have to put in generous £100,000 each. The issue will be put to the vote and if passed the cash will be collected by April 2010. Which might make for a slightly less lavish Christmas than some partners were expecting.
Cash calls on partners have not been unusual over the last year or two, and Pinsents certainly isn't the only firm to do this - Clifford Chance did the same back in January. Pinsents managing partner, David Ryan, said the move had been designed to "position ourselves for recovery with a strong balance sheet", but admitted that it would be up to the partners themselves as to whether it went ahead or not.
RollOnFriday has heard that other firms are also asking their partners to stump up, and that some of them are in rather less robust health than Pinsents and CC. Know the details? Use the button below to write in.
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The firm is looking for an extra £6million, Legal Week reported, which means that partners at the top of equity would have to put in generous £100,000 each. The issue will be put to the vote and if passed the cash will be collected by April 2010. Which might make for a slightly less lavish Christmas than some partners were expecting.
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Pinsents yesterday |
Cash calls on partners have not been unusual over the last year or two, and Pinsents certainly isn't the only firm to do this - Clifford Chance did the same back in January. Pinsents managing partner, David Ryan, said the move had been designed to "position ourselves for recovery with a strong balance sheet", but admitted that it would be up to the partners themselves as to whether it went ahead or not.
RollOnFriday has heard that other firms are also asking their partners to stump up, and that some of them are in rather less robust health than Pinsents and CC. Know the details? Use the button below to write in.