Litigation boutique Edwin Coe suffered last year from a reduction in settlements of cases run on a contingency basis. That pushed fee income down to £14.5m from £16.4m in 2009-10.
However, CEO Tim Nash said the firm’s underlying performance was stable and, despite the effect on last year’s top line, it remains committed to taking cases on a contingency fee basis provided the Jackson reforms permit.
Although litigation remains its main practice area, corporate is growing in importance, contributing 32 per cent of revenue last year.
Work-in-progress stood at 82 days with 90 debtor days, but the firm has no official lockup target due to its mixture of business and the uncertainty of how long it takes for cases to settle.
The firm has a positive cash balance and there was no need to increase borrowings or capital contributions last year.