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South West firm Burges Salmon has seen its profit per equity partner (PEP) fall below rival Osborne Clarke for the first time in five years despite posting a 13 per cent rise in PEP.
PEP grew to £410,000 at Burges Salmon in the 2005-06 financial year compared with £363,000 in 2004-05. However, Osborne Clarke’s PEP increased 18 per cent to £425,000 last financial year, up from £360,000 the previous year.
Burges Salmon’s turnover rose to £54.2m, up 19.4 per cent on £45.4m in 2004-05.
Guy Stobart, Burges Salmon managing partner, told The Lawyer: “The year went really well. 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. The firm also managed to retain its place on the Ministry of Defence panel.