Field Fisher Waterhouse has started a strategic review, as the firm's incoming management team sets about trying to refocus the business to ensure it is the right shape for the future. 

Managing partner Michael Chissick (pictured) and senior partner Matthew Lohn outlined details of the review to partners at the firm's annual partner conference late last month, with a consultation on the review expected to end in May. 

The new strategy is expected to encompass topics including Field Fisher's recently revamped sector focus, which last summer was scaled back from 11 industry specialisms to five, and international expansion, as well as options for re-engineering under-utilised practice areas. 

The firm is planning to counter a spate of recent departures from its German offices with more lateral hires, as well as looking to move its City headquarters in 2014 to take on smaller space in a single office. Its lawyers are currently split between two Aldgate offices in Vine Street and Ibex House.

Chissick said: "While the premises move is relevant to the review, we will mainly be looking at how to implement our new sector initiative, with scope to address how the firm's practice areas operate. We will also continue to focus on establishing our presence as an international firm, with Europe remaining our principal market." 

As part of the management team's plans, the firm also intends to put less emphasis on profits per equity partner (PEP) and turnover in preference to focusing on profit margin, where the target is likely to be at least 20%.

"We are looking at the profitability of certain client relationships rather than simply looking at turnover or PEP, as better financial management tools are available to price work with," Chissick added. 

"We are increasingly using alternative pricing methods, so we are using more sophisticated measures than just turnover or PEP in line with this."

The strategy review comes after Field Fisher opted to bring back a senior partner role just over a year after the position was axed following a 10-month governance review. Head of technology and outsourcing Chissick will formally succeed Lohn as managing partner on 1 May, at which point Lohn will become senior partner. The change needs to be formally voted through by 80% of partners later this month.