A number of Linklaters partners could be in line for a five-figure windfall if they choose to cash in shares they received in lieu of fees during the dotcom boom.

Roughly 25% of the existing partnership, as well as a number of ex-partners, still hold a stake in online betting company Betfair, which listed on the London Stock Exchange late last month (22 October). The firm gained the shares through an equity-for-fees arrangement agreed more than a decade ago.

According to a partner within the firm, those at the top of the equity in 1999 own around 1,800 shares in the company, which would give them around £25,000 if they choose to sell, based on Tuesday's (2 November) trading price of £14.40.

The Betfair deal, struck in 1999, was one of a number of similar arrangements Linklaters agreed between 1998 and 2001 as part of a drive to attract growth companies. The shares, which equate to under 1% of the company, are held through Hackwood, one of Linklaters' service companies.

The firm previously had the option of gaining a seven-figure sum in 2006, when Betfair sold a stake to Japan's SoftBank.

Commenting on the initial public offering (IPO), one ex-partner said: "Each partner can elect separately whether or not to sell their shares, which were originally allocated in lieu of fees. History will relate that the shares are now worth more than the fees waived."

Freshfields Bruckhaus Deringer and Allen & Overy took the lead roles on Betfair's £1.39bn IPO, with Freshfields advising the company.