MAB reports profit and turnover rise with PEP hitting £616k

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  • With the surge in banking litigation of recent years, there would be serious questions to be answered by management if the firm had done anything but capitalise on it.

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  • "the total number of Partners shrank by two". So misleading - in fact, the firm has waved goodbye to, or kicked out, many a good partner over the last year. It has also hired and made up from within. Nothing unusual in that I hear you cry, but staff churn is much higher than that simple, bald statistic would have one believe. I only state this for the record as the clear impression that is trying to be created is that of a "steady ship". Er, no.

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  • anon14/8/13 2.17
    I don't get this prurience.
    What is wrong with sending non performing ("good"- doubtful- partners, lawyers, well anyone, on their way?)
    Well done MAB. Business ( durrrr)- oddly not a charitable institution.
    Anon 10.40- Well you go and win this work then? Larfed till my sides split.
    Why does running a businesslike law firm sit you in the naughty chair?

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  • Prurience"? Do you need to dig out your Roget's? You will find it on your desk underneath the MAB marketing department induction week paperwork.

    "What is wrong with sending non performing [lawyers] on their way". So you are not an employment lawyer I guess? Short of redundancy or summary dismissal and depending on length of service, well possibly quite a lot actually. Never let legislation get in the way of a good sacking though, that's a mantra to run a business by isn't it.

    "Anon 10.40 - well you go and win this work then?" [sic]. Why do you think Anon 10.40 is a lawyer? And even if so, perhaps their firm is not on the panel of many or any banks and possibly they have not spent years or decades cultivating relationships in the banking and finance sector? So maybe it is not really possible for Anon 10.40 to go and win the work. Just a thought. Or two.

    Profit may be all to you but it is certainly not all to MAB - they have a high profile "Corporate Responsibility" team, as can be seen on their web-site. MAB are not a charity but by their own admission they do want to "Make a Difference". As someone who dedicates much of my time to charity and to helping others I hope that a significant portion of the £616k multiplied by 9 = £5.544m is shared with the local community.

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  • @Daisy Duke - or better still, the staff who have helped the equities achieve the record PEP figures!

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  • Now, now. Play fair people. The equity partners at MAB have no doubt deserved this windfall. According to this article, they have invested heavily in borrowings of £1.1m, retreating from Bedfordshire, 4,517 sq ft of prime Watford real estate and 35 people who are "mostly" paralegals. They should be totally at liberty to cream upwards of half a marygold off the top.

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  • Does the following statement:

    "The significant boost in PEP is not thought to be down to any changes in the firm’s equity structure but... the closure of its Milton Keynes office in 2011".

    imply that the MK office was a terrible, loss-making mistake?

    Only asking.

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  • If you assume that the increase in turnover has been driven exclusively by the increase in banking litigation and strip this out then PEP becomes £227k. If rather than borrowing £1.2m the equity partners had shelled this sum out, PEP would be £132k. Now what was it Disraeli said...?

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  • He said many things, but I particularly like: "As a general rule, nobody has money who ought to have it."

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