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Berwin Leighton Paisner (BLP) has posted a record set of figures for 2003-04 as the firm’s profitability has leapt by a stunning 40 per cent.
Turnover went up 12 per cent, from £91m to £102m, while average profits per equity partner (PEP) have jumped from £303,000 last year to around £425,000 – although this figure has yet to be finalised. BLP is understood to be aiming for an average of £500,000 in partner profits next year.
The year-end figures confirm BLP’s shift away from the dominance of real estate as a practice area. Corporate revenues saw an increase of over 35 per cent, banking was up 25 per cent and property finance rose by 30 per cent, while real estate posted a small rise of some 5 per cent. Two mandates, TXU and Le Meridien, together netted well over £5m.
Managing partner Neville Eisenberg denied that the PEP increase was due to de-equitisations, although he acknowledged that the number of equity partners was down by four. He told The Lawyer: “Unsensational though it is, this is down to a significant improvement of quality of work coming through the firm – the pitches we’re winning and the panels we’re getting onto. We’ve been able to generate new work from existing clients. Everyone’s worked like hell and it’s an amazing result.”