Major U.K. firms — including Pinsent Masons and CMS Cameron McKenna — are among the growing rank of firms either holding back or reducing partner profit distributions as a result of the recession.
Top 15 firms Pinsent and DLA Piper have both withheld profit distributions in recent months. Pinsent has withheld its last two quarterly profit distributions, with the firm attributing the “profits distribution holiday” to a series of management responses to the recession. It is due to make its next quarterly payment as planned in December.
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