Clarke Willmott

South West firm Clarke Willmott’s revenue continued its downward spiral in 2011–12, dipping 8.4 per cent from £36.6m to £33.5m. This was on the back of a 10 per cent drop during the previous financial year.

Managing director Paul Chapman attributed the latest drop in fee income to the disposal of the firm’s asset management team and the move of its Southampton-based insurance team to Greenwoods Solicitors in a £6m deal.

As part of the deal an in-house asset management team of eight staff, including five investment managers and three support staff, transferred to wealth management group Brook Macdonald.

The average profit per equity partner (PEP) figure, meanwhile, fell by 5 per cent from £172,000 to £163,000 in the last financial year.

However, Clarke Willmott’s actual PEP in 2010–11 declined to £141,000 after the firm’s management elected to withhold a portion of profit to reinvest in the business.

In 2011–12 Clarke Willmott split the profit evenly between its 30 equity partners, giving an equal equity spread between the top and bottom of £163,000.

Despite staff count dropping by almost 6 per cent in total, partner levels were boosted from 62 to 71 following lateral partner hires and internal promotions.