Results Roundup: Charles Russell, Hill Dickinson, Mishcon de Reya Show Occluded Front and Cost Trimming Continues at Camerons and Travers Smith
Mixed results trickle through again this week… Charles Russell has seen a sight fall in turnover of 3%, down from £71m to £69m but profits per equity partner have been hit much harder, falling from £368,000 to £235,000 in 2008-09, representing a 36%, decline. Meanwhile, Hill Dickinson has seen fee income increase by 12% over last year from £73m to £82m. Despite this PEP fell six per cent for the same period from £312,000 in 2007-08 to £294,000 in 2008-09. And Mishcon de …
Mixed results trickle through again this week…
Charles Russell has seen a sight fall in turnover of 3%, down from £71m to £69m but profits per equity partner have been hit much harder, falling from £368,000 to £235,000 in 2008-09, representing a 36%, decline.
Meanwhile, Hill Dickinson has seen fee income increase by 12% over last year from £73m to £82m. Despite this PEP fell six per cent for the same period from £312,000 in 2007-08 to £294,000 in 2008-09.
And Mishcon de Reya has also seen a fall in PEP of 22% for the 2008-09 financial year from £740,000 to £575,000 against a small revenue gain. Revenues stood at £47.3m compared to last year’s results of £47.1m.
As results paint an increasingly unsteady picture, firms continue to tread cautiously trimming costs where possible. The Lawyer reports that Cameron McKenna has put its entire corporate department on a rolling Âsabbatical programme, while corporate specialist Travers Smith has launched a Âsabbatical scheme for staff in its corporate and real estate departments.
July 6, 2009
How did Charles Russell manage have such a massive fall in pep on a 3% drop in revenue?
July 6, 2009
Only revenue above cost base = profit. Law firm costs take up a large proportion of revenue so a small percentage change in revenue is a proportionally large percentage change in the profit. Simple.