City law firm tells junior partners to cough up £20,000-£42,000 each
Junior partners at City law firm Withers will have to contribute up to £42,000 each in a newly announced cash call.
The London-headquartered firm, which specialises in services for high-net worth individuals, said the decision was taken to allow junior partners to be “more fully involved” with the business.
“We have asked junior equity partners to provide a capital contribution for the first time of between $25,000-$52,500 (£19,780-£41,538), depending on seniority, so they are more fully involved in the ownership of the business,” Withers said in a statement.
The decision marks the first cash call from a major London law firm amid the current economic slump, with speculation other firms could follow.
Withers, however, said the decision to issue the cash call was taken two years ago.
The law firm added that it had not issued a general cash call, with no changes made to the capital requirement for senior equity partners.