Turnover falls to £48.7m at Dundas & Wilson, PEP down to £164k

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  • The photo of Glasgow used is from 2005-2006; notice the absence of the "Squinty Bridge" and the BBC Building only just be constructed.

    In other news, this is nowhere near as bad as some feared for D&W- though if that merger doesn't happen soon, this will only get worse...

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  • Could be a lot worse maybe but the continued profit is there and pay freezes look likely as the mass exodus of staff goes on...

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  • The ship is stabilising nicely, D&W and Maclays continue to be the dominant players. Difficult to see who else can really challenge.

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  • 2005-2006 sounds good to Penley, Wernham and Ward right now I am sure. These numbers are frightening for the all Scottish firms.

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  • Wow. How this firm has fallen. When I was at uni d and w was the most prestigious firm you could work for in Scotland. Now the pep is similar to firms like Morton Fraser. 164k, are you having a laugh. Now students should go for firms like brodies, harpers, burness which are surpassing the old guard.

    Maclays should declare next and I expect the results to be even poorer. Maclays is a dead duck without a merger.

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  • Love the sarcasm above about the ship settling. I'd be surprised if maclays survives in a recognisable form by Christmas.

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  • "The news is nowhere near as bad as some feared"

    Let's look at the statistics:
    2007/08 PEP £385k, Turnover £74.8m
    2012/13 PEP £164k, Turnover £48.7m

    Penley and Wernham take over in March 2012 - after 1 full year in charge:

    PEP falls by a further 10.6%
    Turnover falls by a further 22%

    Let's hope the Dundas Partners were smart enough to put Penley and Wernham on performance related pay!

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  • I'd be very surprised if pep was as high as that at Morton Fraser

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  • Agreed the stats don't lie; D&W is now a shadow of its former self.

    When I originally said "the news is nowhere near as bad as some feared", I was referring to the fact that at the start of the P&W reign, there was widespread gossip and whispering in the Scottish legal profession that D&W would struggle to see the end of the 2013 financial year in its present guise.

    Granted its now like Audley Harrison and fighting on, but I am surprised that all offices are still open and the Dundas & Wilson name survives.

    The ultimate indignity would be for Pinsents (with its predominately McGrigors based Scottish team) to continue to swoop for the brighter lights in D&W ...or who knows, maybe even for the firm...

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  • Does anyone actually believe PEP figures these days? There are so many ways of massaging figures: what is released by law firms is no more than a PR exercise. Yes firms are LLPs, but those accounts never show full story as have Limited Co.s alongside the LLP. All about attracting and retaining talent, as well as keeping up with the Jones'. Not sure D&W can do any of these.

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