Mayfair firm Forsters has posted a 13 per cent rise in turnover for the 2011-12 financial year.
Revenue at the firm, which focuses on property and private client work, was £28m for the year ending 31 March 2012, up from £25m in 2010-11 (or £24.72m, according to its LLP accounts). Profit per equity partner (PEP) was also up, from £363,000 in 2010-11 to £403,000 in 2011-12. Likewise, earnings per partner (EPP) rose, by 14 per cent to £311,000.
According to Forsters’ LLP accounts, the firm’s highest paid partner in 2010-11 took home £452,059 up from £360,000 in 2009-10.
In a statement, managing partner Paul Roberts said: “These are excellent results and we’re particularly pleased to have achieved double-digit growth for the second year in succession. This means that during a two-year period, revenue has increased by 25 per cent and PEP and EPP are both up by over 30 per cent.
“In 2011-12 every part of the business increased fee income with particularly strong growth in the litigation team, which was 30 per cent up and enjoyed its best-ever year and also from planning and construction. The property business was up by 15 per cent, which was an impressive performance given a general lack of activity in the property market.
“Given uncertain market conditions, we’re cautious about the prospects for growth in the next 12 months but we’re confident about the long-term prospects for Forsters.”
In 2010-11 Forsters placed at number 87 in The Lawyer’s UK200 ranking of firms by turnover.
Yorkshire firm Gordons became the first firm this year to post its results, showing a 9 per cent rise in turnover (1 May 2012).