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Clifford Chance back in £1m PEP club as revenues nudge up

@ Anonymous | 5-Jul-2011 3:00 pm - Although the biggest law firms are huge in comparision to the largest firms of 40 years' ago, they remain miniscule compared to the largest companies in most other sectors and are very crudely managed. The whole 'PEP' measurement is a reflection of this - grossly simplistic and very easily manipulated in businesses where staff costs represent the great bulk of total costs. A firm can dramatically boost its short-term PEP through job cuts or partner de-equitisations. The ratio of partners to associates can also vary widely. Firms have been pushing up PEP levels at the expense of associates career prospects and work/life balance. The impact of this will in time be highly negative, particularly as emerging markets firms start to rise up.

5-Jul-2011

4:17 pm