Growing numbers of law firms have been holding back profit distributions in response to the ongoing economic uncertainty, it has emerged, with Field Fisher Waterhouse and SNR Denton joining the ranks of firms to have deferred payments to partners. Field Fisher has opted to delay payment of its March partner distribution ahead of a period of investment after paying the last three 'special drawings' to partners in full and on time. Monthly drawings have been paid as normal. Incoming managing partner Michael Chissick pointed to the firm's change of head office, lateral hiring programme and international expansion as reasons for a "more prudent approach" to distributions.
March 14, 2013 at 08:03 PM
1 minute read
The original version of this story was published on Legalweek
Growing numbers of law firms have been holding back profit distributions in response to the ongoing economic uncertainty, it has emerged, with Field Fisher Waterhouse and SNR Denton joining the ranks of firms to have deferred payments to partners.
Field Fisher has opted to delay payment of its March partner distribution ahead of a period of investment after paying the last three ‘special drawings’ to partners in full and on time. Monthly drawings have been paid as normal.
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