Barlow Lyde & Gilbert's senior equity partners will face a financial penalty of up to £180,000 if they choose to break the three-year lock-in set out in the firm's merger agreement with Clyde & Co.

Barlows' equity partners opting to leave during the next three years will be required to pay between roughly £30,000 at the junior end through to £60,000 at the top for each year of the lock-in they do not serve at the 
newly-merged firm.

The amount required to exit the combined firm is aligned to the number of points partners hold on Barlows' 12-point equity ladder, with the £60,000 penalty understood to apply to partners with at 
least nine points.

It means that senior partners choosing to leave immediately could face a payment of £180,000, while junior equity partners opting to do the same could face a £90,000 bill. Clydes partners are not subject to the lock-in.

Clydes chief executive Peter Hasson commented: "In any merger of this size it is essential that we focus on providing stability for our clients and a sensible basis from which to plan long-term investment in bringing the two firms together."

Barlows and Clydes laid out the terms of their merger agreement last month, with the merged firm expected to have 270 partners when the deal goes live on 1 November. Around 15% of Barlows' 100-strong partnership have been asked to leave, with all of the firm's remaining partners set to join the partnership at Clydes.

It is expected that partners with at least five points on Barlows' ladder will join the senior equity at the new firm, with the remainder joining the junior equity rank.