Net profit takes a tumble at Trowers, down 14 per cent to £14.5m

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  • Trowers is lost. Once upon a time it was a firm that had ventured out to emerging markets to offer something slightly different. The competition caught up whilst trowers stood still with an effective backwards move in terms of global expansion but without the critical mass in the right areas in the uk to make things work. you're now left with the worst of all worlds, a subscale national firm with a couple of international outposts. This isnt attractive. Time for a merger. Perhaps DD / Bond Pierce would be ideal.

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  • For a firm which holds its equity extremely tightly, for an equity partner to take home only £165,000, things must be pretty miserable. That amount is great in Manchester, but not what one would expect in the City after 15-20 years. They have a lot of salaried partners who must feel very undervalued.

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  • I feel for the poor associates who will once again take the hit as another wave of "redundancies" takes place.

    I really don't know how some of the senior equity can sleep at night. Time to move on boys and give some fresh blood a chance.

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  • The old boys will cling on for dear life, even if the rest of the firm drowns. What would they offer to a prospective merger partner apart from a handful of glorified conveyancers? The Gulf offices have for decades been run as colonial outposts lording it over the locals.

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  • The presentation of these figures hides the carnage in its international department.

    If you work through the above - which admittedly I did out of nothing but perverse interest - the firm has suffered a 60% drop in the profit from its international offices.

    It is difficult to see how that measly profit result can sustain the idle equity in its international team.

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