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Berwin Leighton Paisner has suffered a drop of six per cent in its PEP from £660,000 to £620,000 this year, despite a 10 per cent rise in revenue to £186m.
A spokesperson at the firm said: "This comes in a year when we have invested heavily in our international strategy, in coaching, mentoring and in our tax department, as well as completing the refurbishment of Adelaide House."
As reported earlier by The Lawyer, BLP also spent £12m on forging its international relationships under a new scheme launched in 2006, which saw the firm ditch an exclusive network for a non-exclusive panel of best friends.
The firm is striving to make tax a flagship City practice. Last year it poached partners Liesl Fitchardt from Dorsey & Whitney and Michael Wistow from Clifford Chance to the tax group.
83 out of 175 partners, or 47 per cent of the partnership, are now members of the equity, this is a slight rise on last year's proportion of 42 per cent.
BLP's drop in profitability follows on from news that Trowers & Hamlins experienced a similar drop in PEP of eight per cent this year to £515,000. See story