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Midlands firm Browne Jacobson saw a minimal increase in turnover during 2006-07 with its year-end figure rising just 3 per cent from £30.1m to £32m.
Managing partner Brian Smith said that the low rise reflected the adoption of the UITF40 accounting system, and a like-for-like comparison would show that turnover was up 8 per cent.
Smith said: “Our accountants advised us not to implement the changes till after August, and the accounts were approved in January. Last year’s turnover would have been £29.5m on the new method.”
Smith said he was “a bit disappointed” with the results, attributing them to a slow first six months in the Nottingham corporate and litigation markets.
The firm has not yet confirmed profit figures, but Smith predicted that profit per equity partner (PEP) would remain static at £292,000, due to investment in IT and the firm’s Birmingham and London offices.
Last year was disappointing for PEP, which fell 11 per cent from 2004-05’s blockbusting £316,000 to £292,000 (The Lawyer, 29 May 2006).
Smith said the level of investment was “an internal matter for partners at the firm”, but added that PEP would improve next year.