Farrer points to commercial property for turnover increase

Farrer & Co

has announced a 7 per cent turnover increase and a 12 per cent hike in profit per equity partner (PEP).

While the turnover increase dipped slightly on last year’s 7.5 per cent, management board member James Thorne said the firm was pleased with the growth, particularly in the commercial property sector.

Thorne added: “Commercial property is extremely exciting right now and we’ve done well because the market is generally successful. Our family and divorce practice group is also very strong.”

Earlier this year (26 February) The Lawyer reported that Farrer had snared top silk Jeremy Posnansky QC from 1 Hare Court.

Thorne said: “This has been fantastic for us. We had good growth in this area for a while, but this hire means we’ve done particularly well this year.”

While the 2005-06 financial results showed strong growth in the media practice, the market was not as buoyant in 2006-07, said Thorne.

“That growth was on the back of a couple of good years, but media is a difficult practice area. I think the team has done very well this year and has maintained its strength, but it’s not the same as previous years,” he said.