Field Fisher predicts profit slump despite rise in turnover

Fisher Fisher Waterhouse has seen its turnover increase by 8 per cent during the 2008-09 financial year, but has warned that it is expecting profits to fall.

The firm’s turnover for the year was £95m, up from £88m in 2007-08.

Managing partner Moira Gilmour (pictured) put the revenue growth down to strong performance by the firm’s 10-partner Brussels office and record income from the dispute resolution practice.

However, she said that average profit per equity partner (PEP) would not match last year’s performance, when PEP increased 27 per cent to £750,000. A firm spokesman confirmed that PEP would be down this year.

Gilmour said: “We’ve had to make some difficult decisions this year, but I’m confident that prudent financial planning and the diversity of our practice areas means we’re in a good position to weather the storm.”

The firm has undertaken three separate rounds of job cuts during the past year, having seen its core real estate and corporate practices hit by the recession. In August it shed 11 staff in the real estate practice following a consultation (8 August 2008).

A second redundancy programme ending in January led to the loss of 31 support staff (16 January 2009).

In March, the firm laid off seven fee earners in real estate, corporate and commercial (19 March 2009).