Categories:West Midlands

Wragges hit hardest as Midlands firms suffer

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  • "In contrast, the most ­dramatic increase in PEP was at Shoosmiths, where only 40 per cent of partners are part of the equity. ­The firm expanded net profit by 83 per cent and PEP by 70 per cent, while turnover fell by 10 per cent.
    Chief executive Claire Rowe put this down to cost-­cutting measures including 107 redundancies, a 3.5 per cent pay-cut for staff ­earning more than £25,000 and a part-time working scheme."
    This is why PEP is a dreadful measure of a firm's success. Anyone can increase PEP by sacking everyone bar the equity partners, it says nothing of a firm's business plan or abilities.
    Greater love hath no firm than this, than to lay down its staff for its partners.

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