South West firm Burges Salmon has seen its average profit per equity partner (PEP) fall below rival Osborne Clarke's for the first time in five years, despite a 13 per cent rise.
PEP grew to £410,000 at the firm compared with last year's £363,000 . However, Osborne Clarke's PEP increased by 18 per cent to £425,000 in the 2005-06 financial year. Burges Salmon's turnover rose to £54.2m, up by 19.4 per cent on last year's £45.4m.
Guy Stobart, Burges Salmon managing partner, told The Lawyer: "The figures are an indication of the durability of the way we do things."
Highlights of the past year include snaring DLA Piper Rudnick Gray Cary's head of IP Jeremy Dickerson and retaining its place on the Ministry of Defence panel.