Cloud cuckoo brand

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  • Well said that lady. Spot on.

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  • And Catrin, you and your colleagues bear no responsibility for creating an environment in which Firms are pretty well compelled co operate with your young and often not-so-bright researchers in hyping up the numbers ? Come on. You started this.

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  • @Anonymous, 11.10. I think you're right up to a point, but I'm not sure you can blame the reporting of profit levels - which is what all business journalists do on a daily basis - for what happened at Halliwells.

    In putting together The Lawyer UK200 we do spend a lot of time collating all sorts of stats such as revenue per lawyer and earnings per partner, the latter being a truer reflection of partner remuneration. And despite these equally meaningful benchmarks, PEP remains the most emotionally effective tool at any leadership team's disposal, whether it be internally managing performance or externally in the lateral recruitment market.

    In any case, to say we started it is to ascribe a greater degree of influence over lawyer behaviour than I think legal journalists have. City lawyers in particular are far more influenced by the fact that their investment bank/hedge fund neighbours are making what they see as serious money, while magic circle partners measure themselves against the rest of the transatlantic elite. Halliwells, of course, is a different case again..

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  • "PEP remains the most emotionally effective tool at any leadership team's disposal, whether it be internally managing performance or externally in the lateral recruitment market."
    Emotionally effective, yes; from a business sense, surely things like revenue per partner/fee earner are far more relevant? After all, you can double PEP easily by halving the partnership, it doesn't reflect any management skill, whereas revenue per fee earner does. If the partners measure themselves against bankers, then they should be bankers rather than lawyers.

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  • Those who have received "the Halliwells Letter" might now be tempted to send a copy to the SRA, together with a copy of the BDO report....

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  • You cannot lay any of the blame for the collapse of the firm at the door of journalists, that is just plain daft. The only people responsible are the partners; it was after all their business.

    If Mr Austin's comments in any way reflect what was the prevailing ethos at the firm, then no wonder it went down. Having read those comments, I can't understand how any business would want to pay for his advice.

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  • Those PEP figures they gave out to the press were rubbish. 1.8m losses = no profit distribution.

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  • Come on Catrin - publish The Halliwells' Letter, so we can all have the laugh you clearly did on receiving it!

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  • I worked at a place like this; it felt like Soviet Russia inside. All dissent was bullied away. Mediocrity reigned supreme.
    The firm in question still appears to be profitable but one always wonders if it could go the Halliwells route...

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