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Barlow Lyde & Gilbert (BLG) is bracing itself for a drop in turnover despite being involved in a number of high-profile cases including Equitable Life.
Senior partner Richard Dedman told The Lawyer that preliminary results for the past financial year showed that income was down by two per cent, meaning revenues dip to around £78m after hitting £80m in 2005.
Average profit per equity partner is likely to remain static at around £380,000.
Dedman said: “We’re quite bullish about it.” He said the second half of the year had been significantly stronger than the first half.
BLG suffered a string of departures from its non-contentious teams during the course of the year, including the loss of finance partner Graham Wedlake and a team of associates to Winston & Strawn 12 months ago.
Commercial and technology head Kit Burden quit the firm for DLA Piper Rudnick Gray Cary in July 2005. The firm also lost litigator Richard Spafford to Richards Butler, along with Spafford’s work for insurer Winterthur on the claims against hundreds of law firms involved in the collapse of The Accident Group (TAG).
Dedman said that since BLG’s involvement in cases such as Equitable Life it had picked up other major instructions and he was confident for the future.