SNR Denton chief tells partners to hold their nerve after 35 per cent slump in UK PEP

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  • This is looking more and more like a case of terminal decline. Almost all the partners with any spark have jumped ship and the band which remains seem to be sailing quietly into oblivion. The ‘merger is the only solution’ solution doesn’t appear to have worked, unsurprisingly.

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  • If average profits represent the middle of equity, practically everyone at SNR would make more money if they moved to a peer firm. Hardly a basis for optimism but probably a basis for further exits by partners who bring in business.

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  • The firm's problems are nothing to do with the merger, they are the result of 10+ years of complete managerial incompetence and strategic incoherence prior.

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  • Yawn - do none of you have jobs to do?!

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  • I wonder if Sonnenscheins are regretting this buy. They should have told Dentons to get their house in order before the merger.

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  • Brought to you by the visionary leader who acquired TPW and saw the talent leave at the end of their handcuff period, opened and closed a Charlotte office within 18 months, opened a Palo Alto office and lost all the talent within two years while saddling the firm with a lease that is more expensive than NY space and sits virtually empty, brought in political hacks with law degrees who get paid lots of money for doing nothing, chased trendy new practice groups with over market compensation packages only to see the production therein not materialize and the talent leave or be forced out of the firm.....all programs that cost millions and millions of dollars EACH.....down the drain.

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  • This sounds rather ominous... Periods of decline are rarely branded as such, but poor figures are usually explained as temporary "blips", as is the case here.
    A 37% net fall in profit represents something of a financial clanger on SNR Denton's part - and should be seen as a warning for those other British firms rushing into dubious tie-ups with firms on the other side of the pond.
    Although we are still operating in a somewhat choppy financial climate, this is nevertheless a truly awful, putrid state of affairs. What a rancid mess!

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  • I wouldn't write them off just yet. A large part of the firm is banking panel work and I think we will see them come back as banking work picks up. There are some reak stars amongst the partnership and some very good clients and I bet many of them are hanging on to see what this year brings.

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  • Frankly when 3/4 of the fee earners are out the door at 6pm and the other 1/4 are sweating away until 2am it is little surprise that those hard working talented fee earners are leaving for better pay and better opportunity elsewhere. The so called sector strategy has failed spectacularly, as has the ridiculous death march into Africa. The PEP tells the story.
    It is actually very sad because there are (or were) some exceptional lawyers there, but I sense now that the place will be forever lost in the wilderness.

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  • PEP rises/falls in proportion to how the partners treat their staff. Hopefully SNR will follow Halliwells.

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  • This is the best story I've read all year... I could not be happier.

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  • Oh dear, what terrible earth shattering news! Greedy partners paid eye wateringly huge amounts still paid eye wateringly huge amounts.

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