Pinsents reports revenue drop but profit rise

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  • Taking an axe to your firm has paid off for equity partners anyway.

    The following comes to mind:

    "If you can increase the size of your department, when all about you lose theirs, if you can avoid taking decision and yet impress your superiors, while all others doubt you - THEN you'll be a manger my son"

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  • As has been commented on the stories about PEP rises at other firms, when the dust settles on the results season it would be interesting for The Lawyer to analyse the actual LLP accounts of the various firms which will be released in due course and see how these results actually translate in reality. Then we will be able to make a true comparison of which firms have done better than others.

    Simply cutting back on the number of equity partners alters the PEP figures massively and simply shares a slightly smaller pie around an even smaller equity pool. In the short term that may work, but in the long run you will just build up an increasingly unhappy set of salaried partners/senior associates who are likely to leave.

    Also it will be interesting to see the figures for actual head count, particularly fee earner count in the two financial years under consideration. The firms which should be applauded are those which have maintained profit rises with slightly smaller equity pools or more impressively grown those equity pools while maintaining fee earner numbers. There any profit gains will be from winning new business or true efficiency gains in running the business, rather than simply cutting back on lawyer numbers. Also those are the firms best placed for any upturn.

    Which camp Pinsent Masons falls into we shall see. However, it will be interesting to see if the ‘new investments’ will replace some of the partners who have left in the last few months, such as a national head of insurance, joint head of restructuring in London and four construction partners.

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