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Nabarro’s turnover increased by 2.6 per cent to £116.3m in 2012-13, with the firm predicting that its PEP will soar by 30 per cent based on preliminary figures.
Nabarro’s full-year turnover figure for 2012/13 increased 2.6 per cent from £113.4m at the 2011/12 year end. However the firm predicted its PEP to swell by 30 per cent on last year, up to £430,000 from £332,000 but still some way off the 2007-08 high of £600,000. Meanwhile net profit is said to be up a predicted 11 per cent from £27.1m.
In a statement the firm pointed to corporate, real estate and dispute resolution as highlights over the last year, adding that the firm’s Singapore office continued to win new business.
Senior partner Graham Stedman said: “We now have a strong financial platform from which to build having also settled our property requirements. With a focus on profitability and an investment in the partnership, in technology and in the work we generate internationally, I expect to see the performance and confidence of the firm continue to grow.”
When Nabarro released its 2011/12 turnover figures the firm revealed that it had also been cutting partners in response to the difficult economy (28 May 2012). Nabarro’s full-year turnover figure for that year was up less than 1 per cent on the previous year, at £113.4m. Average profit per equity at the firm rose 4.4 per cent over the same period, from £318,000 to £332,000.
At the time senior partner Simon Johnston said: “In common with other firms, we’ve had to make some difficult decisions because of the ongoing economic uncertainty and, of course, some partners have left who we would rather have stayed. However, as part of a more active approach to our strategic priorities and on the back of our results, we’ll continue to invest in our partner and fee-earning teams.”
It emerged earlier this year that Nabarro had called off a potential tie-up with Addleshaw Goddard, another firm that has been reluctant to expand overseas (6 March 2013).