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LG and Norton Rose are the latest firms to announce their 2009-10 financials, with the London South Bank neighbours producing markedly different results.
LG posted a 63 per cent rise in average profit per equity partner (PEP) while preliminary calculations showed a turnover of £64.9m, up 7.6 per cent on 2008-09. PEP for the year stood at £460,000, up from £281,000.
LG managing partner Hugh Maule said he was “delighted” to see the firm emerge from last year’s “aberrant position” with such a robust performance.
In 2008-09 revenue dropped by 11 per cent to £60.3m following a tough year in the firm’s core corporate and real estate practices. Over the same period LG’s profit margin fell from 31 per cent to 26 per cent, a trend it now looks to have reversed.
“We’re now firmly back on the path we carved out several years ago and will continue to invest heavily in those areas central to the growth of our business,” added Maule. LG’s international revenue grew by 50 per cent on the prior year thanks in part to office openings in Moscow and Dubai as well as its investment in the firm’s international relationships.
“Our international growth continues to remain a strategic focus,” said Maule.
Meanwhile, Norton Rose posted a 2 per cent drop in turnover with PEP also expected to be down slightly on last year’s. Revenue at the City firm fell to £307m from £314m in 2008-09. An announcement on the firm’s PEP figure has been delayed while figures are finalised, but chief executive Peter Martyr said he expected the numbers to be “down a little, but not dramatic”.
“We’d always want a plus, not a minus, but in the greater scheme of things we’ve been pretty flat, so we can’t complain about the results,” commented Martyr.