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.


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