Howes Percival

Midlands firm Howes Percival felt the impact of Government spending cuts in 2011–12 with a 7 per cent turnover decrease to £16.1m, primarily accounted for by a cut in public sector litigation work.

The decrease was somewhat offset by a 2 per cent rise in revenue from other practice areas, with insolvency and family and private client work performing particularly well. Howes Percival also won a place on HSBC’s conveyancing panel.

Profits were up slightly, with average profit per equity partner standing at £181,000 and earnings per partner at £145,000. There was no change in partner headcount during the financial year and lawyer numbers were also reasonably stable. However, the loss of public sector instructions meant that a number of paralegals and support staff on short-term contracts were let go, with overall fee-earner headcount reducing from 150 in 2010-11 to 129.

At the time of writing the firm’s only borrowing was a £254,000 funding loan for professional indemnity insurance.