Clifford Chance back in £1m PEP club as revenues nudge up

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  • Wonderful news, the partners really deserve this. And achieved by doing the right thing and treating people properly. No stealth redundancies for the likes of CC.

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  • Whoever said that 'money isn't everything' should pay a visit to the UK, circa 2011.

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  • It's going to be hilarious watching PEP across the board drop over the next few years - it's not sustainable. Also, it makes no business sense whatsover to withdraw all profit from the business every year. Law firms stuck in the 1950s.

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  • Anonymous @ 5 July 3pm
    Not sure that every well managed practice would allow EPs to withdraw all profit every year - surely PEP is just a crude/blunt performance measure? PEP isn't drawings?

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  • @ Anonymous | 5-Jul-2011 3:00 pm - Although the biggest law firms are huge in comparision to the largest firms of 40 years' ago, they remain miniscule compared to the largest companies in most other sectors and are very crudely managed.

    The whole 'PEP' measurement is a reflection of this - grossly simplistic and very easily manipulated in businesses where staff costs represent the great bulk of total costs. A firm can dramatically boost its short-term PEP through job cuts or partner de-equitisations. The ratio of partners to associates can also vary widely.

    Firms have been pushing up PEP levels at the expense of associates career prospects and work/life balance. The impact of this will in time be highly negative, particularly as emerging markets firms start to rise up.

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  • Congratulations to my friends at CC. They have worked hard and deserve the good news. Anyone who has counted them out is foolish. CC is a truly great firm getting well back onto its feet.

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  • To the anonymice above: partners are taxed on partnership profits as they arise. Partnerships therefore can't reinvest profits in the way companies do; instead they have to borrow.

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  • If only the staff who worked there got 8% pay rises.....

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  • Whole system = flawed. Only reasons for the pep increase is because there are fewer associates left to do the work 3 people used to share but earning salary of 1 person, recruitment is non-existent and their fees have gone up again.

    News like this only makes an already demoralised workforce worse and despise management more than before. More will follow the approach taken by the cliffords funds team. Hate to think what all those cliffords trainees who didn't make qualification think.

    This news = not positive. Dont believe anyone who actually works at cliffords and isnt earning 500k+ thinks it is.

    Yes - answer is to cut losses and leave because nothing will ever change. Easy to say, hard to do? Probably, when there are few alternatives. And this is why cliffords has its lawyers over a barrel.

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