Blake Lapthorn has successfully continued to grow net profit, boosting it from £5.9m to £6.2m last year and providing for an average profit per equity partner hike of 19 per cent to reach £138,000.
This is attributable in part to a reduction in costs following a drop in headcount by 6 per cent, despite not completing any formal redundancies. Partner headcount has fallen from 101 to 96, while the equity partnership stands at 45 compared with 51 the previous year. In the past year profit shares ranged from £117,000 to £158,000.
The firm has embarked on a recruitment spree into key areas of growth, investing in an aviation finance team into its London office and looking to bring in a team of eight lawyers into social housing. It has also looked to bulk up employment with a team of three and has boosted the agricultural and rural department with the appointment of senior solicitor Nicola Boaden.
A four-person board, made up of managing partner Walter Cha, the chief operating officer and two non-executive members, manages the firm. A separate remuneration committee handles the merit-based element of the firm’s modified lockstep system.