Hill Dickinson's partnership has voted in favour of a £2.8m capital call as the firm looks to boost cash reserves following a period of investment.

The firm's 107 fixed-share and equity members will now contribute an extra £1,000 per equity point by the end of September, after the move obtained the 75% approval required from partners.

Hill Dickinson operates a modified lockstep which ranges from 28 to 70 points, after the top end was raised from the previous maximum of 60 in 2010. The firm's 50 salaried partners will not have to make any further contribution beyond their initial £1,000 investment.

The cash call has been motivated by a need to cover the costs of a number of investments, including new City offices at Broadgate Tower, the firm's new base in Monaco, the February purchase of a 30-strong defendant insurance team from DLA Piper, and £2m-plus investment in a new IT system.

In addition, Hill Dickinson has seen its overheads rise due to the end of an incentive period on its Liverpool lease, while costs were also incurrred as a result of the recent restructuring which saw 14 partners and 69 staff made redundant.

As part of the restructuring, the firm is in the process of selling off its 24-strong Chester base to Knights Solicitors. The office's four partners will not be affected by the cash call.

Managing partner Peter Jackson (pictured) said: "This is all about investment and follows a period in which we have invested heavily in the business in a variety of areas and we need to sufficiently sustain that. We've recently invested in a new London base, an office in Monaco, a new IT system, and have restructured the business at some cost.

"The partners understand the need to raise extra capital and anyone who's been following developments here in recent months wouldn't find this surprising at all."

Hill Dickinson's growth during 2012-13 has been hit by the struggling UK commercial market; however, the firm has been encouraged by its performance in its key areas such as health, marine and insurance. The firm recently announced a mixed set of financial results with revenue up 2% to £112.8m while profits per equity partner fell 15% to £264,000.