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The battle for talent: How regional and boutique firms compete

Ken Woffenden explains why regional and boutique firms in the UK are increasingly becoming the Achilles' heel of the Magic and Silver Circle

26 February 2016

Senior leadership teams in law firms have a real dilemma. They are under relentless pressure to deliver strong profitability year on year. Partners need to be motivated and feel they are getting a decent return to compensate for all that hard work and stress.

Profitability is seen as a key performance indicator in the market and it's important for a law firm to report PEP which compares well with its competitors. The legal press publishes all the numbers, so there is no place to hide - this increases the pressure even more.

Profitability is key to attracting and retaining top quality people at all levels and paying them commensurately, which enables firms to compete at the highest level. Profitability is also critical to enabling a law firm to invest in its infrastructure - top quality premises, HR, BD and marketing, financial systems, and technology.

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