In April 2017, Tom Jones, the new managing partner of Pearce & Pearce, an English law firm, was planning to deliver a speech to the firm’s partners and lawyers. His first address would outline his long-term vision to increase the firm’s PEP from ￡0.9 million to ￡2.0 million by 2027 as well as his short-term plan to move the firm from its current position within the top 10 English firms to a spot within the top three, based on profit per equity partner (PEP). Jones knew that a PEP focussed approach would get him immediate achievements but was also concerned about its negative impact on sustainable growth. Jones is in a dilemma about whether to continue the emphasize PEP, as is the prevailing norm in the English legal community, or consider alternative approaches. Would he consider alternate metrics or even a shift from numerical metrics to a more comprehensive, qualitative approach? Could Pearce & Pearce follow the lead of a competitor and disregard PEP entirely? Would the legal community embrace such a transition?
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