Shoosmiths posts massive profit hike despite falling turnover

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  • Surprise surprise ... another firm reporting rise in PEP and profits despite a fall in turnover ... "Chief executive Claire Rowe said a series of cost-cutting measures were behind the boost in profits" ... what Clarie Rowe meant to say was kicking out staff in an unfair manner, and make like hell for lawyers and staff who did keep their jobs has meant that partners have been able to enjoy more take home pay!
    The economic crisis has seen hundreds of lawyers forced out of work, and partners seem to forgets that these lawyers are skilled workers. Lawyers unable to find jobs have had to leave the profession, and so when the market bounces back and deal flow increases where exactly do firms and partners hope to find these skilled workers to come in to work on these transactions.

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  • Looks like Shoosmiths permanently destroyed what reputation they had for a quick buck.

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  • Watch out Slaughter & May.

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  • What ever next!?

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  • Those remaining associates at Shoosmiths may be working at a deeply unimpressive, third-rate firm but at least they can console themselves with the knowledge that the partners really care about their staff and are genuinely decent and honorable people.

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  • So the PEP goes UP 69% (albeit from a paltry level) and the pay for those few employees who are "lucky" enough to have kept their jobs goes DOWN by 3.5%.
    I'm not sure the term "equity" partner is really appropriate any more, as the word has connotations of fairness, which seem grievously misplaced.
    Perhaps "SITT" partner would be better - Snout In The Trough.

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  • The treatment of staff by Shoosmiths has been truly despicable. This PEP increase has been achieved purely on the back of very large numbers of redundancies (both announced and stealth), appaling treatment of trainees and a pay cut for remaining staff.

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  • Nicely done.

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  • "Turnover has continued to fall."
    I've always thought that well-run firms should be able to weather the credit crunch storm and I imagine that all the redundancies and reduced pay/hours at Shoosmiths are just a temporary fix for a much wider problem. The Equity Partners should enjoy their 69.5% "windfall" while it lasts and the minions should brace themselves for more bad news in the future.

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  • No doubt all the staff they made redundant, and the trainees whose contracts they deferred without offering compensation, will be truly delighted at this news!

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