BLP delays PEP announcement as insiders predict 35 per cent drop

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  • All of those lateral partner hires with hefty guarantees are doing just fine.

    They'll stick around until the underpinnings expire and then they're off ....

    Will BLP survive for another year?

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  • It's notable that Stephenson Harwood haven't published their PEP figure either.

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  • When I read this, I was just about to write something about loads of partner hires on massive guarantees. But oh no, someone beat me to it. Shame. And so very very predictable....

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  • Jump while you still can. Large torpedo on horizon, approaching fast. Lifeboats not seaworthy. Captain Neville - will you wait for all passengers and crew to disembark?

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  • He said: "We’re as in the dark as you are."

    Well, that inspires confidence in firm leadership.

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  • Any firm that gives a PEP figure now is giving a ball park indicative number because the auditing has yet to happen. A number of firms have done this over the years (delaying PEP) but this is only news as the market feeling is that BLP is in trouble.

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  • He said: ”We’re as in the dark as you are".

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  • If the captain of the ship is in the dark, he's going to run aground, while the rats who know how to swim jump off. Still, I doubt that he's really as much in the dark as the rest of us.

    One problem is that the only part of the business with real cohesion is commercial property, but that is not a sector to inspire many folk to ride to the rescue.

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  • BLP include revenue from Lawyers on Demand in their figures, so their actual turnover decreased more than 5%: from £239m (£246m less £7m from LoD) to £224m (£233m less £9m from LoD).

    Further, they claim that LoD have 120 lawyers, yet only £9m of revenue. That's a paltry £75,000 RPL. Granted, not every person at LoD is full time, but that's far from the "success" that Neville and others claim.

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  • Desperate quote from Neville. How can he claim to be "in the dark"? I just don't understand BLP's business or practice model. Given the recent extensive and expensive round of redundancies and the ongoing partner exits there is a lot of cash going out the door. Add to that the wide use of guarantees to lateral hires from magic circle firms, and you have to wonder how much of the diminished revenue pot is available for regular equity partners. Over the past few years BLP has carried out an exercise to change the reward structure to enrich senior equity partners at the expense of junior equity partners. I would not be at all surprised to learn that (unguaranteed) SEPs at the bottom of the ladder are on less than their JEP counterparts, and indeed their senior associates. How stable is this firm?

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