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

- Link: https://fundraising.co.uk/2009/01/09/clifford-chance-asking-each-its-400-equity-partners-average-100000/
- Published: 2009-01-09T11:10:58+00:00
- Author: Finbar Cullen

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

Research**Plus**

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