Osborne Clarke cancels drawings

Osborne Clarke has taken the step of cancelling its partners' quarterly drawings as a precautionary measure against the economic downturn

The measure applies to all equity partners across the board, and if evened out over the course of the year, it would equate to some 20 per cent of a partner's total earnings.
Senior partner Leslie Perrin said: “I would think that any firm that hasn't done something along these lines is lying.
“Everyone is saying it's their third-best year so far – not as good as last year, and not as good as the year before either.”
Osborne Clarke's move is the first sign of a slowdown in the firm's growth. In the last financial year, Osborne Clarke turned over £50m, according to The Lawyer 100. That figure was up 40 per cent from £35m in the previous year. Average partner profits last year were £337,000.
However, Perrin said that although the rate of growth had slowed down, the firm still expected to post a 20 per cent rise in turnover to reach £60m by the end of this financial year.