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.
Dibb Lupton Alsop is understood to have dropped a controversial plan for a cash call to boost its tax reserves after a rebellion among its 142 junior partners.
Sources close to the firm said Dibbs hoped that its junior partners, referred to as "fixed share partners", would forgo a proportion of their income to increase the reserves. The fixed share partners are said to have received the proposal in an e-mail message from senior partner Roger Lane-Smith, and then to have rejected it after a series of heated meetings led by the Sheffield office.
One source said: "Dibbs has now withdrawn the proposal for the time being, but you've now got a bunch of junior partners who are very unhappy."
Dibbs, however, sought to play down the rumpus. Lane-Smith "categorically" denied there "is any question of a cash call".
The situation is thought to have been triggered by the Inland Revenue's change in partnership taxation from "preceding year" to "current year", which is resulting in a bigger than normal drain on tax reserves for many firms.
But Lane-Smith rejected rumours that there has also been a squeeze on 1997/98 profits. "The firm is extremely healthy, very profitable, with lots of cash in the bank," he said.
There has been a history of partnership wrangles at Dibbs, and earlier this year the firm attempted to introduce a more collegiate culture by appointing an operations manager, Andrew Chappell, to work alongside managing partner Nigel Knowles.