Exchange sees income rise despite tough year

North West set Exchange Chambers has overcome a tough year to post a slight turnover rise of just more than 1 per cent to £14.3m.

The set’s income rose from 2005’s £14.1m as it battled increased pressure on the criminal bar and publicly funded work. Exchange’s members practise criminal and common law.

During the course of 2005 the set hired a number of new tenants, pushing numbers up to 90 members, including 12 silks. However, the knock-on effect was that revenue per barrister slumped to less than £160,000, down from £172,000 last year.

Chambers director Tom Handley said the set was reducing members’ contributions for clerking and administration fees from 5 per cent to 4.5 per cent, but that rents would remain static.

He added that Exchange would continue to expand, particularly in Manchester.