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The squeeze on public spending has hit profits at Beachcroft, which reported a 3 per cent drop in fee income year to £60m at the half compared with the same period last year.
Managing partner Paul Murray said: “Over the first six months of the year we have seen a significant squeeze on public sector spending. That, coupled with a downturn in our real estate and corporate revenues, has meant that our overall figures are slightly down on the same period last year.”
Murray added that the firm’s litigation and employment teams had enjoyed a “buoyant” first half.
The firm has grown significantly over the past year, bolting on London insurance boutique Williams Holden Cooklin Gibbons (WHCG) in April (5 April http://www.thelawyer.com/beachcroft-ups-insurance-nous-with-city-boutique-whcg/1003996.article) and Halliwells’ Sheffield healthcare team (10 February http://www.thelawyer.com/halliwells-left-with-one-healthcare-partner-after-beachcroft-raid/1003425.article).
Murray said the investments had “been slower to bed in that we had hoped”, but, he added, the firm anticipated the investments would return a profit in the next 12 months.