Berrymans Lace Mawer

The downward pressure on fees in the insurance market continued to have an impact on Berrymans Lace Mawer (BLM) over the 2011–12 financial year.

Revenue for the defendant insurance firm was up on 2009–10 by 3 per cent from £78.8m to £81.2m, but the firm’s profit margin is under attack by its clients. In 2011–12 it shrank from 22 per cent to 18.5 per cent.

Taking a five-year snapshot of the firm since 2007–08, revenue has grown by 56.5 per cent, with the firm adding 20 partners. Net profit has grown by 42.5 per cent from £10.6m to £15.1m. However the expansion of the partnership from 130 to 137 has had a knock-on effect on net profit, which contracted by 16.1 per cent from a five-year high of £18m to £15.1m in 2011–12.

In October 2012 the firm launched an office in Dublin, initially comprising 12 lawyers and claims handlers with a partner leading the practice. This is BLM's first office outside of the UK and the move marked the firm's first major expansion under the leadership of Mike Brown, who was elected senior partner in March 2012 to succeed Terry Renouf, who stood down after six years in the post.

BLM is largely a litigation firm with 96 per cent of its revenue in 2011–12 — £77.9m — generated by the dispute resolution practice.