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Ouach. Just a year after recording City-level average profit per equity partner (PEP) of £712,000, equity partners at Newcastle's Watson Burton are reeling at a PEP plunge of almost half a million pounds. (see story)
Partners at local rivals will be rubbing their hands in Schadenfreude - not least Andrew Hoyle, who was ejected from the firm last year and who has since joined local rival Ward Hadaway (where PEP is up by 10 per cent).
Watson Burton says the loss is not as bad as all that, as last year's eye-catching figure was revised to £460,000 following an official audit - for which read 'paying back the miners' compensation money'.
Which would make this year's PEP decrease a drop of just, er, 50 per cent.