2018: The magic circle will be no more

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  • The £1M PEP is an ineffective measure and shows very little. Eventually these and other firms will grasp the better metric of measuring Profit Per Lawyer as it respesents a more reliable measure and is not subject to the manipulation of de-equitisation and changes in HR leverage - which have been considerable.

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  • Kicking Clifford Chance down a run is ridiculous and makes this "analysis" a joke. CC has similar profitability to A&O and is the biggest UK firm by revenue.

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