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The addition of new equity partner hires has contributed to a substantial drop in the average profit per equity partner (PEP) figure at Forsters this year.
The West End property firm’s profit margin stood at 25 per cent, which was largely consistent with last year, but PEP fell by 41 per cent, from £449,000 to £265,000, partly as a result of the addition of five new equity partners, including two partners from Withers.
The equity spread contracted from £270,000-£600,000 in 2007-08 to £181,000-£390,000 in 2008-09, with turnover falling by 5 per cent, from £23.6m to £22.5m.
Property accounts for almost half of all revenue at the firm.