The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Blake Lapthorn is restructuring its balance sheet by asking partners to inject cash to pay off parts of its bank debt.
The firm is understood to have around £3m in bank loans, which were in part used to finance an aggressive merger strategy and the consolidation of two offices in Southampton.
The firm’s senior partner Jonathan Lloyd Jones said that, although the firm was looking at its capital requirements, it was not experiencing financial difficulties.
“I think, as with any firm, the amount that the firm is funded by debt needs to be proportionate,” he said. “It would be wrong to have it overcapitalised by the partners and it would be wrong to have it overfunded by the banks.”
The move is part of a wider reshaping of the partnership, which will see a number of partners retiring from the firm at the end of the financial year.