Clifford Chance's PEP slides to £733,000 at end of turbulent year

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  • PEP is a 'trophy' figure of very little significance and not a real indicator of how profit is shaping up. Try some Profit Per Lawyer (PPL) calculations over a time series and the comparative results are very different. Profit is in decline in real terms and would be clearly visible were it not for the massage effect of PEP. When you drastically change the HR leverage ratios by de-equitisation the core performance characteristics are less than rosy. Time for a new business model perhaps? At least an admission that a structure requiring hundreds of directors/partners is at best anomalous would be a start.

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