Ed. note: Welcome to our daily feature, Quote of the Day.
Our goal is create long term value – for our clients, our people and the society in which we operate. [Profits per equity partner] is not a metric which is helpful in this context nor is it useful for a business like ours with a diversified offering of legal and non-legal services.
— Matt Hotson, chief financial officer of Mishcon de Reya, in a statement made after announcing the firm’s impressive double-digit increase in overall profits and gross revenue. The international firm will no longer be publishing its profit per equity partner. As noted on the firm’s website, its leaders believe that “PEP has become too narrow, short term and misleading as a metric,” while noting that they think “[o]verall profit and increase in profits are much better indicators of real, rather than short term, business performance.”
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter and Threads or connect with her on LinkedIn.