UK top 30: revenues shrink by half a billion as PEP rebounds

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  • So, turnover goes down but PEP goes up? In other words all those waves of redundancy led by the partners who could not get the business in was to the benefit of those very same, self-evidently incompetent partners.
    One upon a time law was a profession. Now it is the preserve of a venal, disgraceful, pathetic oligarchy who have scrambled up the stepladder before kicking it away. I wonder how many good lawyers will walk away from the law as a direct result. In 20 years' time we might be seeing a crisis of intelligence. Unfortunately, the current partners will not care, as they will have made their stash.

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  • Merger with Proskauer can't come quickly enough for SJ Berwin.

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  • @ Scep Tick Tough times to deal with personally for many - but since when has it been an unacceptable objective for any business to seek to improve profits & shareholder return? And, no, I'm not a partner.

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  • One upon a time law was a profession. Now it is the preserve of a venal, disgraceful, pathetic oligarchy who have scrambled up the stepladder before kicking it away
    ----------------------------------------------
    Agreed, City law is now deeply unpleasant and solely money driven (as evidenced by tables like the one above).
    Many associates have lost their jobs, and in many cases their homes and even careers, to protect the salaries of those taking home ten times as much.
    In an industry like car manufacturing, where profit margins are 5% or less in even good times, redundancies in bad times are a matter of survival and necessity.
    In City law firms, redundancies in bad times are a matter of GREED. The manner of many of those redundancies has been even more despicable, with good lawyers being pushed out in the most unpleasant manner through untrue appraisals, bullying and all manner of other 'stealth' techniques.

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  • How did you estimate the figures for Slaughters? If yours are indeed accurate that is slightly shocking news.

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  • Who are these guys making that much money? Most of the firms are so downsized it's pygmies on the shoulders of pygmies.
    In the scenarios of the Texas Chainsaw Massacre meets the Black Hole of Calcutta (can you say that?) do those chaps have any strategy other than "fill my boots?"

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  • Re-Anonymous | 12-Jul-2010 10:35 am Quite agree. What does this show us? Since when has turnover been a sign of quality or client service? Some of the best firms I have had the pleasure of dealing with in my 30 or so years in business - and they are top notch - wouldn't even feature in this list because they don't have this primitive obsession with size. This legal journal admittedly does report on variables beyond revenue and profitability but the mindset within the City firms is too entrenched.

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  • I'm surprised to see a 13pc drop at Slaughters - biggest dip in the top 10. Not enough banks going under to keep them busy any more?

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  • Amusing how far the disappearance of deference has travelled into the legal profession. One only has to read the above to see how lower calibre mediocrities routinely try to pwn their betters.
    Nonetheless, partners, you are rumbled!
    hgr@hotmale.com

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  • If my firm reports PEP down, the legal press claim we're struggling. But I suspect that our PEP will be down, because we've tried to hang onto our staff. It's the right thing to do, but not the way to absolutely maximise profits to the hilt.

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