No profit sharing at E&Y Europe

Several hundred E&Y partners across Europe have moved into the firm's European LLP structure, but country profits will not be pooled.

Ernst & Young Europe was created last year as part of the firm's plans to integrate 87 country practices across Europe, Africa, the Middle East and India.

E&Y Europe will eventually hold partners from 45 European countries, but Accountancy Age understands that profit-sharing will not cross country borders.

The partners will continue to be employed by their local legal entities, however they are coming under common control. Costs and investments are shared across the area.

EMEIA, consisting of over 3,300 partners, is run by a single area managing partner, Mark Otty, and a single executive team.

Further reading:

E&Y partners in strong support of EMEIA merger

View E&Y EMEIA's launch statement