Addleshaws in £12m payout amid bank safety fears
Addleshaw Goddard has handed £12m of its profits back to partners early because of concerns that it may not be safe leaving the money in the bank. The national firm paid all equity partners their last two drawings from the 2007-08 financial year in October - even though they were not due to be paid until November 2008 and February 2009. Addleshaws made the payments with two provisions. Firstly, that the firm retains the right to call the profits back if the LLP needs the money for cash flow purposes. Secondly, partners must put no more than £50,000 into a single savings account - the individual amount protected by Government guarantees in the event of a bank collapse.
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