On the face of it, any law firm admitting, as Lovells did just 18 months ago, to axing 25 partners could not be described as complacent. But mounting evidence suggests such drastic action, announced by newly-elected managing partner David Harris, is not enough by itself to revive the firm.
Not since a confluence of forces assailed the expansion-weary Clifford Chance (CC) in 2003 and 2004 has a major City practice suffered such a punishing period. Lovells has continued to leak high-billing partners at a startling rate. Partially in response, the firm launched a controversial review of its lockstep in March only months after concluding a similar process last year.
