Addleshaws and OC reach £500k PEP benchmark

Addleshaw Goddard and Osborne Clarke have increased average profit per equity partner (PEP) above the £500,000 mark for the first time ever.

Addleshaws reported a 14.8 per cent increase in PEP from £472,000 to £542,000 for the financial year 2006-07. At Osborne Clarke PEP has risen by 20 per cent from last year’s £425,000 to hit £511,000.

Addleshaw Goddard managing partner Mark Jones said: "We continue to make real progress and these results reflect a period of balanced growth and sound financial management across all parts of our business."

Addleshaws' turnover has increased by 13.1 per cent, up from £156.2m to £176.7m. The firm's contentious and commercial and real estate teams contributed the highest amount to turnover, bringing in £50.8m and £54.4m respectively.

Last September The Lawyer reported that Jones was aiming for PEP to break the £500,000 bench mark after falling short last year.

Osborne Clarke's turnover has risen by 12 per cent to hit £82.8m after last year’s £74.1m.

The firm has also increased the profits set aside to finance its performance scheme by 30 per cent, with total bonus payments of up to 25 per cent available for the firm's highest performers.

Managing partner Simon Beswick added: "This is the biggest profit share ever at Osborne Clarke, rewarding staff across the firm and highlighting the important part everyone plays in the firm's success."