Salaried partners asked to buy into SNR Denton

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.