EVENTS at Baker Tilly are interesting. 14 partners have swapped their equity position for salaried roles.

The firm offers reassurance that the position for clients has not changed. But so many partners changing their status is difficult to ignore. Privately observers say such a number making a move all at once is quite exceptional.

The big question people are asking is what does it mean? Or does it mean anything at all?

There are a number of reasons a partner's status might change. They may simply no longer want the risk of being partner. The firm may believe profits are too diluted and want fewer partners. In fact there may be a number of reasons why a firm could make that kind of decision.

So far the indication from Baker Tilly is that the moves are innocuous. But it's certainly got people among the firms talking.