Far and away the most dramatic rise in this year’s financials round has been the average profit per equity partner (PEP) hike seen at Salans.
This more than doubled from £419,000 a year ago to £870,000 – a rise of some 107.6 per cent. Not bad going in the midst of the credit crunch. Other successes include Birmingham-based Martineau Johnson, which boosted PEP by 47.7 per cent from £176,000 to £260,000; CMS Cameron McKenna, where PEP leapt 30.5 per cent from £502,000 to £655,000; and Field Fisher Waterhouse, where it jumped 28.9 per cent from £582,000 to £750,000.
Meanwhile, magic circle firm Freshfields Bruckhaus Deringer saw PEP jump 39.7 per cent from £1.03m to £1.44m.
Forsters, by contrast, saw a drop in PEP of 19.1 per cent, from £550,000 12 months ago to £445,000 this year. The firm is one of just two firms to have experienced a fall in PEP so far. Speechly Bircham, where PEP dropped 0.2 per cent from £526,000 to £525,000, is the other.
Salans is also one of this year’s fastest movers so far on turnover, which jumped 27.7 per cent from £112m to £143m. Not as impressive a rise for the firm as its PEP figure, but the second biggest seen so far.
Field Fisher Waterhouse is the fastest mover to date, boosting turnover 30 per cent from £67.7m to £88m.