Senior partner Jeremy Newman confirmed this week that up to 11 partners were likely to leave the firm early. He said: ‘We have partners retiring every year, a significant number are over 60.
‘There are a number of others who, for a variety of reasons have decided to retire but you shouldn’t make too much of it. There is more fluidity in the marketplace today than there has been at other times.’
Newman denied suggestions from other sources that the number of partners affected was in excess of 20. The clearout comes as the firm moves to update its strategy.
‘We are experiencing growth in corporate finance, tax consultancy, business recovery, litigation support and forensic accounting. We will be investing in these specialist areas,’ he said.
The firm has already made external appointments and promoted some internally.Newman said: ‘So far this calendar year we have recruited five new partners externally, including two from PricewaterhouseCoopers, one from Horwath Clark Whitehill, and one from Andersen.’
He added that the firm was also in advanced discussions with four others.Internally, the firm created six partners on 1 July of last year and expect to promote between six and ten internally next summer.
Last October the firm revealed fee income of £173m, reflecting growth of 26%, for the year ending 31 March 2000. This knocked Grant Thornton off the top slot for the mid-tier firms.
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel