Reporting in Legal Week has revealed that just 21 partners out of a total of 130 were willing to put the full amount of required capital into the firm to secure financial assistance from the firm’s Asia partnership. At just 16 per cent of total partner headcount, securing the full £14m was an impossible feat. By way of comparison, the recapitalisation plan had received support from 98 per cent of the legacy SJ Berwin partnership before it was stalled by the exits of several high-earning partners. Sources close to the matter said that more partners would have been willing to contribute to the recapitalisation had it not been for other aspects of the bailout agreement, which included a 12-month lock in requirement for partners.
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