Travers Smith sees PEP soar 53 per cent to £705,000

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  • The large number of stealth redundancies seem to have done the trick.

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  • Nice half-arsed swipe.
    I somehow doubt any amount of stealth redundancies could turn around PEP to that form.
    TS were always a firm who knew what they were good at, and stuck to it, constantly improving. A lot of other firms could learn a lesson or two from them.

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  • Do the maths. Turnover increased by 12%, profit by 53%.
    It wouldn't take Einstein to work out there's been significant cost cutting.

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  • I would like to depart from the usual sniping and offer my congratulations to Travers Smith. Quite staggering results given the context.

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  • An award for maths, surely not - membership of the Magic Circle might be better. The art of illusion is not dead. Cost cutting only works once and when all the competition have taken similar steps the gains are lost and a new 'normal' emerges. One question managing partners seem to be ducking is; As we move forward into a world of corporatised legal services delivery are clients going to glibly accept margins that are typically 3-5 times those of a well run public company?

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  • Cutting great swathes of associates has clearly had its benefits, although the current exodus of those who survived the cull may well impact next year's profits. It will certainly hit morale - again - and contribute the the erosion of the firm's image as a mid-sized firm that plays fair.

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