Herbies passes round the hat

Hey you, we need to raise some money and reckon you can help us out. Send us your smackers (£200,000 will do) and we’ll sort you out a bank loan, and maybe throw in a free mag or four if you’re lucky.

Hey you, we need to raise some money and reckon you can help us out. Send us your smackers (£200,000 will do) and we’ll sort you out a bank loan, and maybe throw in a free mag or four if you’re lucky.

Okay, so we’re just messing. But legacy Herbert Smith wasn’t when it issued a similar memo to around 170 equity partners a few weeks ago, with those in the equity asked to contribute £2,000 per equity point.

Revealed exclusively by The Lawyer, the move works out like this: the firm’s lockstep ladder runs from 43 to 100, with partners moving up seven points even in all but the final year, when they jump eight points. Those at the top of equity – thought to be around 65 – have been asked to contribute £200,000 each. Combined, those at the top of equity will put £13m into the cash pot with the remain £7m coming from those down the ladder.

That’s around £20m for those of you bad at maths.

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