DIARY: Seymour blazed trail, now 'The Lace' enters common ad parlance

We know how fascinated you all are by reports of Garry Lace's enormous package. £800K a year to run Grey London after a few successful months as the chief executive of TBWA/London. And he's hardly out of nappies, for Chrissakes!

But we've been there before. In fact, the rags-to-riches account of how one man seriously destabilised the entire salary structure of London agencies in one inexplicable job move will remind some of our grey-haired readers of "the Seymour".

The term - historical slang for £100,000 - entered advertising lexicography in 1982 when Geoff Seymour, a creative, moved to Saatchi & Saatchi for what was then a mind-boggling pay package. For some time afterwards, agency creatives moved jobs for "half a Seymour" or "a Seymour and a bit".

Now, of course, a salary of £100,000 is quite easily achievable and we urgently need a new slang term to help wile away the months until the pay freezes and bans on business-class travel are lifted. Welcome, readers, to "the Lace" and a helpful guide to aid agency financial directors with budgeting essentials and perks for next year's expenses budget.

One return BA business-class flight to Nice for the Cannes Advertising Festival: £481 or 0.06 per cent of a Lace.

One return BA economy-class flight to New York for budget meeting resulting from above with Ed Meyer, the chief executive of Grey Worldwide: £351 or 0.04 per cent of a Lace.

Ed Meyer's 2001 salary: $3.3 million or £2.12 million or 265.3 per cent of a Lace.

Ed Meyer's 2001 bonus: $225,000 or £144,708 or 18.08 per cent of a Lace.

Annual membership of Soho House: £400 or 0.05 per cent of a Lace.

Annual membership of Holmes Place gym: £684 or 0.085 per cent of a Lace.

Lunch for two at The Ivy: £120 or 0.015 per cent of a Lace.

Lunch for two at McDonald's: £10 or 0.00125 per cent of a Lace.


Become a member of Campaign from just £45 a quarter

Get the very latest news and insight from Campaign with unrestricted access to campaignlive.co.uk ,plus get exclusive discounts to Campaign events

Become a member

Looking for a new job?

Get the latest creative jobs in advertising, media, marketing and digital delivered directly to your inbox each day.

Create an Alert Now

Partner content


1 Job description: Digital marketing executive

Digital marketing executives oversee the online marketing strategy for their organisation. They plan and execute digital (including email) marketing campaigns and design, maintain and supply content for the organisation's website(s).