SNR Denton calls for cash contributions from salaried partners

SNR Denton has called on non-equity partners to contribute capital to the firm for the first time ever, asking for contributions of between £10,000 and £20,000. The merged transatlantic firm's EMEA branch saw a 36% drop in average profits per equity in 2010-11, from £360,000 down to £232,000, while revenue fell 8% from £167.5m to £154.4m. But despite the troubling figures, the firm maintains that the decision to ask salaried partners to buy into the firm is not a cash call, and has been planned since the merger last year as a way for all partners to become stakeholders in the firm and "fully buy into the merger idea". One SNR Denton partner said: "That was always going to be the case and is not an emergency decision after profits fell. The spin from the firm internally was that it will provide synergy between the UK and the US, but of course it means raising money for the firm."

SNR Denton calls for cash contributions from salaried partners legalweek.com Mon, Jul 11, 2011