Categories:UK

When the numbers don’t add up anymore

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  • Interesting news in a week when the print version of The Lawyer must have the thickest appointments section it's had in some considerable time: further evidence of a market defined by winners and losers. Moreover, at a time of falling inflation, the FTSE at a 12 year high and GDP growth (albeit small), one wonders if these redundancies are looking at trailing performance indicators rather than those which could be indicative of an improving outlook.

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  • The demise of Dickie Dees can be traced to its badly handled redundancies in 2008.

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  • "However, anecdotal evidence suggests that partners are quietly being managed out or de-equitised at a number of firms"

    Yes, but it is worth noting that some of these partners were bringing in, on average 20-25k each year for the past three years. The others who are being kicked out were barely making enough to cover their whopping guarantees. So it is those partners who have, in effect, been freeloading off the work of the associates. So, with regards to the above, no sympathy and if they had been kicked out earlier then they wouldn't have to cull the associates now. You can sum this up in two words. Idiotic management...

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