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Blake Lapthorn PEP sinks to associate level

As a former employee of this once south coast heavyweight this news is disappointing. I Ieft last year on good terms but the signs of a sinking ship had been there for some time. The firm has continued to merge since 2001 with almost a firm every year and so the number of equity partners grew exponentially. Most of the partners are of the old school and do not fully appreciate the concept of business development. Partners cannot expect work to just appear on their desks as they once did when the firm was a high street practice. Unfortunately the decision makers at the firm on the board comprise of a managing partner, a head of litigation, a head of real estate and a head of private client who date back to the high street days. They lack the experience and courage to take the firm forward and to compete with the likes of shoosmiths, wragges and other out of london heavyweights. A fit and capable managing partner/board would never have put the firm in a position where it is paying rent for vacant premises. Furthermore the firm continues to practice in areas which are not profitable and a lot of WIP has to be written off - such as in contentious insolvency - due to a loyalty to the old school partners. The last few years has seen the departures of the firm's best london trained partners to local rivals - all of whom could have taken the firm forward but preferred to make serious money rather than make low profits subsidising the partners of yesterday. The only way to preserve some of the cake is to shed partners who have all become more part of the furniture than business generators. I am afraid it is time to be ruthless.

27-Jul-2009

9:40 pm