Insiders at CMS Cameron McKenna have told RollOnFriday that a raft of partners are being kicked out or de-equitised.
The firm is remaining tight lipped - a spokeswoman would only say that "we regularly undertakes partner reviews and we never discuss individual partners". But sources say that a large number are being removed from the equity, and a smaller number have been kicked out. Apparently they've not even been given enough notice to polish up their CVs - they'll be clearing their desks by Christmas. Ho bloody ho.
Clearly it's rough news for the partners concerned, and the timing sucks. But at least the firm is cutting the fat from its partnership, rather than indulging in the usual knee-jerk reaction of booting out swathes of associates...
Not that those partners left at the firm are likely to see much by way of an increase in profits. Despite widespread reports in the legal press that the firm's turnover was up 5% at the half year mark, RollOnFriday can reveal that it hasn't increased at all. Duncan Weston, Camerons' Managing Partner, emailed staff to say that "revenues are flat, reflecting the continued tough business environment".
Tip Off ROF
The firm is remaining tight lipped - a spokeswoman would only say that "we regularly undertakes partner reviews and we never discuss individual partners". But sources say that a large number are being removed from the equity, and a smaller number have been kicked out. Apparently they've not even been given enough notice to polish up their CVs - they'll be clearing their desks by Christmas. Ho bloody ho.
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A Camerons partner next week |
Clearly it's rough news for the partners concerned, and the timing sucks. But at least the firm is cutting the fat from its partnership, rather than indulging in the usual knee-jerk reaction of booting out swathes of associates...
Not that those partners left at the firm are likely to see much by way of an increase in profits. Despite widespread reports in the legal press that the firm's turnover was up 5% at the half year mark, RollOnFriday can reveal that it hasn't increased at all. Duncan Weston, Camerons' Managing Partner, emailed staff to say that "revenues are flat, reflecting the continued tough business environment".