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Clifford Chance is asking each of its 400 equity partners for an average of £100,000

Clifford Chance is asking each of its 400 equity partners for an average of £100,000

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
ResearchPlus

Finbar Cullen established ResearchPlus in 2005 to provide fundraising research services for the not-for-profit sector. He researches people, companies and grant-making trusts and foundations, mostly in the UK, but also other parts of the world. Finbar has published directories of “unpublished” grant-making trusts (registered with the Charity Commission and with the Office of the Scottish Charity Regulator), and each month he contributes to The Trust List, highlighting newly registered grant-making trusts worthy of particularly close attention.

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