Legacy Herbert Smith has become the latest UK firm to ask partners to bolster its capital levels, issuing a multi-million pound cash call in preparation for financial integration with Australia’s Freehills.
The call – thought to be worth up to around £20m – was issued in a memo sent weeks ago to all 170 equity partners. It is thought that the equity partners have been asked to contribute £2000 per equity point. Herbert Smith’s lockstep ladder runs from 43 to 100, meaning those at the top of equity, around 65, are liable to pay around £200,000 each.
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