Giles Murphy, head of professional practices, Smith & Williamson

Partners must take the profits hit

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  • You have clearly never worked at Trowers

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  • The problem is that partnerships are not run as businesses in many cases. The partners of an LLP don't give personal guarantees so they take out as much as they can. Furthermore partners are not objectively assessed, its who you know and scratch my back..... In the good old days you could ride out the storm. This time its different, who's next to implode?

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