Clifford Chance is asking each of its 400 equity partners for an average of £100,000
Howard Lake | 9 January 2009 | Blogs
Well, well. Who would be a partner of a leading law firm? I see that The Times reports that Clifford Chance, “the world’s largest law firm”, is asking each of its 400 equity partners for an average of £100,000 to raise more than £40 million for the firm. Still, the report also states that last year each partner’s share of profits ranged from £528,000 to £1.3 million, according to Legal Business, so they might not be on their uppers yet. Clifford Chance is also reported to be in redundancy talks that could result in as many as 80 junior lawyers losing their jobs. The article also quotes Alistair Rose, head of the Professional Partnerships Advisory Group at PricewaterhouseCoopers, saying that law firms often issue capital calls when faced with cashflow problems. It will be interesting, and perhaps a little worrying, if other firms take similar actions.
Finbar Cullen
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About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.