DENTON Wilde Sapte has called on partners to inject up to £90,000 of capital into the firm with a £1,000 per equity point cash call.
The firm voted through the resolution at its partner meeting last month to help shore up its balance sheet. It is understood to be looking at its finances as it weighs up the possibility of a transatlantic merger.
Partners at Dentons are awarded 45 points upon entering the equity, rising by five points every year until they reach the plateau level of 90 points.
Chief executive Howard Morris (pictured) said the partnership had voted overwhelmingly in support of the capital injection, adding: “I think partners understand the reasons behind this. We’re looking at a downturn in the market and it was something we needed to do anyway.”
Dentons has also asked trainees to defer start dates for 12 months, offering a payment of £10,000.
Morris has admitted that the firm has received approaches and that there is broad support within the partnership for a US tie-up.