Herbert Smith sees PEP return to 2006-07 levels as turnover nudges up

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  • Not surprised to see profits at the Magic Circle firms increasing by 13% Clifford Chance and 7% Allen & Overy when Herbies is declining. Indeed the gap is widening.

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  • Anyone who wasn't obessed with profit and PEP levels was made redundent by David Willis.

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  • Have they announced how many redundencies will be made after the merger with Freehills? Or will the next round of redundencies be "performance related" ETLs.

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  • What is ETLs?

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