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Berwin Leighton Paisner has started to turn its profitability around, posting a 17 per cent hike and lifting average profits per equity partner to £303,000.
Turnover rose by 6 per cent, from £86.2m to £91m. The firm has seen six partners quit over the year in a 'managing out' process and a smaller number de-equitised. Profits per partner have been calculated on the basis of an average of 68 equity partners being at the firm over the course of the year.
The profits increase will be welcome news, after average profits per equity partner fell to £260,000 in 2001-02. A combined average based on Berwin Leighton and Paisner & Co's figures prior to merger was way in excess of this, at £324,000 for 2000-01.
Finance, which gained two partner laterals, performed particularly well, with a growth of almost 20 per cent, bringing in 22 per cent of total firm revenue. Core real estate improved on its flat performance in 2001-02, with a 7 per cent increase in revenue. Property finance had a bumper year with a 33 per cent revenue increase.