Stibbes in drive to match profits of UK firms in Amsterdam
Legal Week Reports
June 21, 2000 at 08:03 PM
2 minute read
Leading Dutch firm Stibbe Simont Monahan Duhot is working to restore its profitability to match that of the Dutch offices of leading Anglo-Saxon firms in a bid to halt the exodus of its leading lawyers.
A senior Stibbes partner told Legal Week the firm was being advised by outside consultants on how to increase partner profits and was committed to matching the profitability of partners in English firms in Amsterdam.
In recent months, Stibbes has lost several partners, including leading corporate partners Tom de Waard and Hector de Beaufort to Clifford Chance and senior competition partner Onno Brouwer to Freshfields. The source said that if the firm could match the profits of Anglo-Saxon firms in Amsterdam, it would discourage partners from leaving.
It would also make the firm's plan of merging with a magic circle firm more realistic.
Stibbes has held serious merger talks with Lovells, but partners at the Dutch firm voted against the proposal last month.
The senior Stibbes source said: "Market position is very important, and the fact that they are not in the magic circle played a part in the decision [not to merge]."
The source added: "For the first time in our history, our partners have a market value that is higher than our profits."
To boost its profits, the firm has set itself the task of increasing its number of associates and increasing leverage ratio from 1:3 to 1:4.
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