Results Roundup: Tough Times in Manchester, Bristol and the City
Manchester firm, Pannone has seen a 3% increase in turnover from £50.8m for 2007-08 to £52.5m in the 2008-09 financial year but average profits per equity partner (PEP) have fallen 21% from £290,000 to £228,000. A trio of City firms reveal results from a tough year. Simmons & Simmons saw a small growth in turnover from £289m to £291m but PEP has fallen from £647,000 last year to £520,000, a 19.6% drop. Turnover at Berwin Leighton Paisner fell by 2.7% to £180m …
Manchester firm, Pannone has seen a 3% increase in turnover from £50.8m for 2007-08 to £52.5m in the 2008-09 financial year but average profits per equity partner (PEP) have fallen 21% from £290,000 to £228,000.
A trio of City firms reveal results from a tough year.
Simmons & Simmons saw a small growth in turnover from £289m to £291m but PEP has fallen from £647,000 last year to £520,000, a 19.6% drop.
Turnover at Berwin Leighton Paisner fell by 2.7% to £180m from £185m; average PEP fell 33% from £620,000 last year down to £414,000 for 2008-09.
Macfarlanes saw turnover fall 11% from £111m to £99m and PEP fell from from £1.1m at the end of 2007-08 to £846,000 in the 2008-09 financial year.
And a trio of Bristol based firms release mixed results…
Bevan Brittan has seen a small increse in turnover to £41.1m compared to £41.6m the previous year; PEP also increased.
Osborne Clarke, on the other hand has seen turnover fall 12% from £95.3m to £84m with average PEP dropping 36% to £352,000.
And Burges Salmon sits between the two with a fall in turnover of 6% during the 2008-09 year from £68.2m to £64.2m and a drop in PEP of 23% to £409,000.
July 21, 2009
Good. Bad and uglier.
Why are law firms being hit harder in this cession? surely the partners must have been few a number of economic cycles before?
July 21, 2009
PEP is a bit like house prices, people have such short memories that they really think that a 3 bed semi is worth half a million and it will take quite a while for them to become acustomed to the fact that it soon will only be worth £150k. Same with PEP – the froth is being blown off the market and only time will tell what partners in these and other firms are actually ‘worth’.