A process for the preparation of a copolymer in a semicontinuous mode of operation in a polymerization apparatus containing a polymerization reactor connected to a metering device, in each case acid monomer being initially introduced into the metering device and polyether macromonomer and water into the polymerization reactor, acid monomer being metered from the metering device into the polymerization reactor, the metering of the acid monomer into the polymerization reactor being effected in such a way that first a polymerization pH is established in the aqueous medium and then, until the conversion of 70 mol % of the polyether macromonomer initially introduced into the polymerization reactor, acid monomer is passed into the polymerization reactor in an amount per unit time such that the pH in the aqueous medium deviates by not more than ±0.3 from the initially established polymerization pH.