Moores Rowland has been stunned into examining partner remunerationhings. after losing three more tax partners to rival financial services provider Chiltern Group.
The move marks the latest stage of an aggressive acquisition programme by Chiltern and follows the April poaching of another Moores Rowland tax team of five led by Andrew Watt.
Chiltern, an independent tax consultancy bought out from Union Bank of Switzerland, has made no secret of its ambition for growth.
Chiltern MD Andre Bischoff, who has a #10m war chest to buy in new staff, said: ‘We believe the market is right for growth at the moment.’
Although headhunted at the same time, the latest team to jump ship are specialists in tax advisory work for regulated industries.
London managing partner Graham Coopey, Nigel O’Neill and Andrew Sullivan will each head up separate divisions at Chiltern. They have signed a clause not to approach previous clients for six months.
Moores Rowland is still reeling from defections at its Edinburgh office in March and the departure of top personal tax partner, Nigel Eastaway, to TaxServe in February.
Moores Rowland managing partner, Clive Weekes, said the setback had provoked a need for change in the package offered to partners. He said: ‘We have to ensure we are competitive. We are aware of what the market is prepared to pay.’
He said a shortage of people in the marketplace meant there would be changes. Weekes said Moores Rowland offered improved conditions to the three, but added: ‘There comes a point where you have to say good luck to them.’
Moores Rowland will continue to recruit people from other firms, said Weekes, but he would not add where the firm was looking. He said: ‘We are recruiting hard. We have had a good year for 1998 and our results are well up on the previous year. Most of our offices produced record results.’
Moores Rowland has no plans to publish its results.
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