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Non-equity partners in SNR Denton’s UK LLP are in the process of contributing between £10,000 and £20,000 to the firm following the September 2010 merger between legacy firms Denton Wilde Sapte and Sonnenschein Nath & Rosenthal.
Non-equity partners on the US side of the firm have also been asked to contribute capital.
Despite the fact that net profit at the firm’s UK LLP fell by 37 per cent in 2010-11, from £31.4m to £19.8m, a spokesperson at the firm said the contributions were being made to “make everyone feel like they have a stake in the merger”.
The news comes as the firm’s US-based bankruptcy chair Fruman Jacobson has been sent to its Paris base to overhaul the office following a string of departures and a poor financial performance.
Fee income at the office was down by 32 per cent to £6.5m in 2010-11 from £9.6m in 2009-10.
Jacobson has been charged with strengthening the office and integrating it with the US side of the business.
“It’s been a difficult year for the firm,” said Jacobson, “But it’s being handled in a very intelligent and businesslike way. We have the right leadership for a venerable firm that’s undergoing a necessary restructuring because of difficult economic times.”
The drop in the French office’s fees is partly down to the defection of M&A partners Jacques Salès and Steven Merino, who left with a team of lawyers for Ginestié Magellan Paley-Vincent in September 2010.