Caring, but not sharing

Good news. Shoosmiths cares about its people. How do we know this? Because the firm’s chairman Andrew Tubbs told us.

Shoosmiths has just posted a 54 per cent drop in PEP (see story). The most positive thing, objectively, that could be said about this is that at least the firm scores points for being up front about the collapse of its profit.

This year’s reporting season has been characterised by the snail’s pace at which the results have emerged. Contrast that with the race to shout about the figures a couple of years ago.

According to Tubbs, the firm’s partners were hit so hard because it “chose to put people before profit”.

Well, maybe. But it has to be said that Shoosmiths’ caring attitude is unlikely to be evident to everybody.

Notably the trainees it deferred earlier this year without so much as the price of a round of consolation drinks (see story).

They may just be raising a glass today.

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Talking of spin: Freshfields’ boss Ted Burke blames record profits on the pesky Euro; in the dragons’ den with Sainsbury’s panel law firms; Weil Gotshal’s Marco Compagnoni on the Fourth Plinth in Trafalgar Square; and should jobless law graduates really become receptionists?