Cobbetts post-merger review heralds partner exits
Legal Week reports
June 14, 2006 at 08:03 PM
2 minute read
Cobbetts is putting the finishing touches to a major restructuring that has resulted in a series of partner exits, Legal Week has learnt, as the top 50 firm moves to bed down a string of regional mergers.
The shake-up, which is set to be finalised in a matter of days, is understood to have led to the 'managed' exits of at least 10 partners over the last nine months as part of a push to forge a more profitable and streamlined partnership. It is unclear whether the restructuring will impact on support staff.
The shake-up of the 138-partner firm's practice follows the launch of a performance review last autumn.
The move was, at the time, expected to trigger a number of departures as Cobbetts put its business under scrutiny in the wake of a series of mergers, including sizeable tie-ups with Midlands firm Lee Crowder and Yorkshire practice Read Hind Stewart.
In a statement, managing partner Michael Shaw said Cobbetts was "implementing an ambitious growth strategy" and that as a result, the changing demands on the firm had seen a "divergence of aspirations" within the partnership. He added: "We are midway through that process which we now intend to conclude."
It is understood some of the managed exits have now joined rival firms in the northwest region, while others remain in less senior roles at Cobbetts.
Despite the departures, the firm has continued to hunt for senior talent in the regions, with Cobbetts this year recruiting a team of private equity lawyers from Pinsent Masons' Manchester arm.
One former partner told Legal Week: "There was a hit-list of underperforming partners, of that there is no doubt."
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