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Howard Kennedy to trim partnership to 'sustain profitability'

Blimey, this isn't the last time that we're going to see firms of this size do this. The point is, PEP across the sector has been at exceptional levels for a while, and management teams want to keep it that way. Cost cutting only goes so far, you need to have a strong level of income. "Reinvigorate financial performance" - shouldn't that mean measures to improve growth? Anyone can sack people. What happens in a year when this needs to take place again, do HK get rid of more partners? Reduce the equity itself? Continue to ignore the fact that the legal market is changing?

14-Feb-2012

11:18 am