West End firm Manches posted an 8 per cent drop in average profit per equity partner (PEP) last year, an unexpectedly strong performance for a firm so dominated by property.
PEP fell from £227,000 to £209,000, while total revenue was all but flat, dropping from £34.4m to £34.1m.
Manches was forced to lay off 10 people earlier this year, primarily from its corporate practice, as a result of the economic downturn (TheLawyer.com, 19 March).
However, the firm’s family and litigation practices saw strong demand, contributing to the firm’s better-than-expected results.
Manches’ partner headcount remained relatively static at 55 compared with a total of 56 partners last year, although the number of equity partners shrank by two to 22.