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Profits are falling and costs are rising. On the latest episode of The Lawyer Podcast, the team chat about why profit isn't a dirty word:

• Love it or hate it, PEP is part of a firm's branding and the status of its lawyers;
• Profit matters for firms' long-term health and investment;
• Would-be partners should use PEP in tandem with intel on capital requirements to know what they're letting themselves in for;
• Freshfields is deluded if it thinks it can ignore PEP as a metric.

For all this and more, the annual UK200 on the UK Signal Channel, sponsored by Thomson Reuters, is out now. Read it here.