Last month Cameron McKenna invited its partners to leave its lockstep and and take on fixed-share status. Sixteen partners have volunteered meaning that the target of one-tenth of the partnership moving to fixed-share status has been exceeded (at 12%), so no enforcement of the plan will be required. It is understood that partners will receive a one-off profit payment after leaving the equity and after three years they will get approximately 60 per cent of the capital they had invested in the firm.

Meanwhile Camerons has also become the latest City firm to ask trainees to defer their start dates. The firm has asked trainees due to start in August 2009 and February 2010 to defer for 12 months. They have been offered a payment of £7,500. The firm is expecting that around 15 of the 65 offered a training contract will accept the offer on a first come, first served basis.

Voluntary deferrals have also been requested elsewhere in the City at Clifford Chance, DLA Piper, Mayer Brown, Norton Rose, Pinsent Masons, Shearman & Sterling and Travers Smith.