Peter's Friends was well received by most critics and currently holds a 76% "Fresh" rating on Rotten Tomatoes.
Roger Ebert, film critic of the Chicago Sun-Times, described the film as "more or less predictable", but awarded it three-and-a-half stars, stating, "The structure of Peter's Friends is not blazingly original - The Big Chill comes instantly to mind - but a movie like this succeeds in its particulars. If the dialogue is witty, if the characters are convincingly funny or sad, if there is the right bittersweet nostalgia and the sense that someone is likely to burst into "Those Were the Days," then it doesn't matter that we've seen the formula before. This is a new weekend with new friends."
Conversely, online critic James Berardinelli spoke poorly of the film, giving it a mere two-and-a-half out of a possible four stars and stating, "At its best, Peter's Friends is warm, touching, and funny. At its worst, it's annoying and preachy. Fortunately, there are a few more moments in the former category than in the latter." While praising Branagh's direction and performances by the cast, Berardinelli attributed most of his discontent to the film's screenplay, concluding, "This is Branagh's worst effort to date and shows, if nothing else, that no matter how talented the director and his cast, he still needs a decent screenplay. And that, ultimately, is where Peter's Friends falls short."
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