Dentons European partners asked to pay in up to €7m in extra capital
UK partners spared as top earners in continental Europe asked to pay in up to €100,000 each in cash call
September 01, 2016 at 07:27 AM
2 minute read
Dentons' continental European partners have been asked to inject between €6m (£5.05m) and €7m (£5.89m) of additional capital into the business during the next two years.
The move, which follows a partner vote in favour of raising capital contributions last month, does not include the UK partnership or any other part of the verein-structured firm.
It will see European partners asked to pay in up to an extra €100,000 each over a two-year period between 2017 and 2018.
Partners currently contribute €1,000 in capital for every equity point they hold in the business. This will increase to €1,275 per point, with the firm's top-earning partners required to add an additional €100,000.
The initiative, which affects the legacy Salans partnership in continental Europe, was overseen by European chief executive Tomasz Dabrowski and European chief operating officer Richard Singer.
Dentons announced earlier this year that it plans to open a business services centre in Warsaw, Poland. The decision will see approximately 50 roles in the UK cut, representing 12% of Dentons' entire UK-based business services staff.
The firm expects to have between 90 and 100 staff at the centre by the end of this year.
During the past 12 months, Dentons has announced a raft of tie-ups with other firms across the globe. Most recently, it entered into merger agreements with Colombian law firm Cardenas & Cardenas and Mexican firm Lopez Velarde Heftye Y Soria in December 2015.
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