Bristol headquartered Burges Salmon has overtaken local rival Osborne Clarke in terms of average profit per equity partner (PEP).
Burges Salmon unveiled its financial results today, with revenue falling by six per cent during the 2008-09 year from £68.2m to £64.2m.
Partners also saw their personal income hit, with PEP falling 23 per cent to £409,000.
Despite the drop, the firm has surged ahead of Osborne Clarke, which announced that PEP dropped 36 per cent from £554,000 to £352,000. At £84m, its turnover remained above that of Burges Salmon (15 July 2009).
Bristol firm TLT has seen turnover fall 4.9 per cent to £39m, but regional rivals Bond Pearce and Veale Wasbrough have yet to release their results.
Burges Salmon managing partner Chris Jackson said: “In common with the market generally, our business has been affected by the current economic conditions. In spite of the challenging short-term environment, however, our broad client base and reputation for quality work means we’re well placed for the upturn.”
As reported on TheLawyer.com today, Guy Stobart, Jackson’s predecessor as managing partner, is to leave the firm (17 July 2009).
Stobart has been in talks about his future since Jackson took over in May, and will now become chief executive at Kennedys.