BLP asked partners to pay in extra capital in current year
Berwin Leighton Paisner (BLP) has asked partners to contribute extra capital into the firm's business, with some understood to have put in upto £100,000. The firm asked partners for the additional capital in May last year during its annual budget meeting, with partners approving the move in a vote.
January 21, 2010 at 04:01 AM
2 minute read
Berwin Leighton Paisner (BLP) has asked partners to contribute extra capital into the firm's business, with some understood to have put in upto £100,000.
The firm asked partners for the additional capital in May last year during its annual budget meeting, with partners approving the move in a vote.
The contribution was based on where partners sit in the lockstep and is understood to have equated to £1,000 per equity point, meaning contributions would have ranged from £50,000 at the bottom of the lockstep to £100,000 at the top.
BLP refused to comment on the value of the contribution, but confirmed that the firm asks partners to pay in extra capital every year.
In a statement, BLP said: "We do not discuss details of partners' capital contributions. Partners' capital contributions are voted on by the partnership as part of our annual budget process in May. That was the case last year and remains so."
The latest adjustment of the firm's capital level occurred during the current financial year. Figures contained within the firm's limited liability partnership accounts for the last financial year show that during 2008-09, partners paid £4m into the business – £1m more than the £3m contributed during 2007-08. In 2006-07 partners paid in £3.4m.
The firm attributed the 2008-09 increase to a number of lateral hires and new partners.
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