Diffi-cull time at Herbies

It’s a risky time to be a Herbies corporate partner.

It’s a risky time to be a Herbies corporate partner.

As we report today, the group missed its budget by £20m last year, piling more pressure onto a department that is already seen by the firm as performing below par (see story).

The firm is maintaining a staunch line that it’s not poised for a wholesale cull of partners across its global corporate practice. But its lacklustre performance – a revenue per partner (RPP) of £1.6m that lagged behind firms such as Camerons at £1.75m in 2010-11 hardly inspires Magic Circle-style confidence – suggests otherwise.

While the pressure is also on its litigators, now pushing for a New York outpost following a string of departures (see story), at least the disputes partners are still bringing in the wonga. RPP in litigation was £2.1m last year.

Currently Herbies has the bods from PwC in conducting a year-long review examining productivity. The general rule of thumb shorthand for reviews of this type is that they’re hired to rubber stamp decisions that have already been made.

If you’re a corporate partner at Herbies, maybe it’s time to start looking around