Davies Arnold Cooper (DAC) has seen average profit per equity partner (PEP) nudge up by just 4 per cent this year, an indication that the downturn in legal action continues to hit the litigation-focused firm.
The firm’s PEP comes in at £345,000, up from £333,000, while turnover increased by 5 per cent to £32m. Net profit rocketed by 38 per cent to £8.3m from £6m.
Compared with last year, however, the incremental increase in turnover is a positive: in 2005-06 DAC suffered from a slowdown in the insurance market, causing the value of the business to fall by £1.6m.
According to the firm, its real estate and insurance teams are performing solidly, while its Madrid office, which contributed 12 per cent to revenue, is also doing well.