Herbert Smith is poised to release the results of a far-reaching strategic review ’imminently’, according to sources close to the firm.
Dubbed internally as ’Project Blue Sky’, the review was launched around the start of the year.
The strategic overhaul is separate from the 12-month review of the firm’s systems and efficiency levels that is being carried out by consultant Pricewaterhouse- Coopers.
A Herbert Smith spokesman confirmed the strategic review was in progress but declined to comment further.
According to insiders, its scope is wide-ranging and likely to address partnership structure, strengths and weaknesses in practice areas, remuneration, internationalisation and employment matters.
“There is a level of expectation that it will be something important and significant,” a source close to the firm said.
Herbert Smith undertakes strategic reviews on a regular basis, but it is understood Project Blue Sky is addressing current concerns including the flagging profitability of the firm’s corporate practice, which missed budget by £20m (The Lawyer, 7 September).