Marking your own homework: Dentons and a defence of PEP

Marking your own homework: Dentons and a defence of PEP

Alex Novarese takes a jaded view of the latest attempt to avoid transparency

It would almost be too easy to pick holes in the letter that Dentons has supplied to the media to justify its attempt to withhold its profits on the basis of Olympian high principle. But I won’t let that stop me.

The letter, authored by Dentons’ chief executive Elliott Portnoy and chair Joe Andrew, sets out a number of arguments as to why Dentons won’t disclose basic information on the profitability and the margins on which it operates. Without exception, they lack substance, though to varying degrees. Indeed, it’s notable that Dentons largely fails to make any of the credible arguments for not supplying figures on profit per equity partner (PEP).

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Global London – Top 50

The firms that appear in Global London are the 50 largest non-UK originated firms in London, ranked by headcount. Partner and lawyer numbers were all requested as full-time equivalents as of 1 January 2014. All partner hires were up to and including February 2014. Total lawyer numbers include partners, associates, assistants and trainees but not paralegals. The US Internal Revenue Service average exchange rate for the year 2013 was used for Global London calculations. This was $1=£0.665.

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