Bond Pearce reported a slight increase in turnover last year, from £46m to £47m. Managing partner Victor Tettmar said the firm had worked hard on controlling its overheads. Despite this, net profit dipped from £7.5m to £7.1m. The biggest theme of the year was the changing expectations of clients, said Tettmar - in other words, clients expecting more for less.
The bottom of the firm’s equity moved downwards, from £158,000 to £145,000, while the top rose fractionally, from £306,000 to £307,000. Bond Pearce’s equity partner headcount remained static last year at 32, but average profit per equity partner dropped from £235,000 to £220,000.
Litigation continued to be the big earner, accounting for £20.2m of turnover. Around 60 per cent of this figure was commercial litigation. Corporate saw a slight increase, contributing £13.1m compared with £12m in 2009-10. Tettmar said the firm is also seeing growth in the energy sector.
A number of Bond Pearce’s key clients, such as Royal Mail and Sainsbury’s, appointed new panels last year, with the firm successfully retained in every instance.
With regard to hires, partner Michael Spence came on board from Eversheds to strengthen the firm’s Scottish real estate activities, while former oil company legal consultant Stuart Carter and ex-Mayer Brown associate Emily Monastiriotis joined to build the energy and commercial insurance practices respectively.