Burges Salmon has started paying out to partners following a scheme that saw the firm hold back capital to fund its move into new headquarters.
The Bristol firm kicked off the capitalisation programme in 2003-04 in a bid to to keep profits in the firm in the run-up to its 2010 move to new premises in the city’s Temple Quay.
Managing partner Peter Morris said the firm had started to repay to partners the amounts left in the business, but declined to comment on the figure available for distribution. The cash was put aside to finance the move, which set the firm back at least £20m in construction and fitting costs (6 January 2012).
The payouts comes alongside the firm’s plans to move out of Furnival Street into new London premises. It has taken a lease in New Street Square, following a trend set by DMH Stallard and Speechly Bircham, which both moved to the so-called midtown location in 2008, and Taylor Wessing, which took up space in 2009. US firm Ropes & Gray followed suit with its City base the following year.
The move into the new building – which will mean lower rent initially but a higher rate in the long term – is planned for November, but work on fitting out the office was delayed due to the London Olympics.