Field Fisher Waterhouse (FFW) has boosted its profit by a massive 19 per cent, from £325,000 last year to £390,000, following a comprehensive strategy overhaul.
The firm has smashed its budget: top of equity has soared past the £600,000 barrier, which is more than £100,000 up on projections.
"This is genuine growth and isn't a result of shrinking the equity," said one partner.
The FFW partnership approved a new strategy in November 2004, which set an ambitious target of a 50 per cent rise in turnover over the next three years, from £47m last year to £75m by 2007. During the first year since embarking on the new strategy, turnover increased 10.9 per cent, from £47m to £52.1m.
The biggest change has been an overhaul of the firm's management board, which is no longer elected freely from the partnership, but is now populated by department heads, who are elected separately, and the firm's managing partner. The departments are: brands, technology, media and telecoms, corporate and finance, litigation, real estate and regulatory.