Bevan Brittan promises forty per cent PEP hike in eighteen months” />South West firm Bevan Brittan has set a target of increasing its profit per equity partner (PEP) by more than 40 per cent during the next 18 months.
The firm wants PEP to reach £300,000 in the next year-and-a-half, a rise of 43 per cent of its current PEP of £209,000.
Chief executive Stuart Whitfield told The Lawyer that it would be unacceptable if the firm did not meet the target.
Bevan Brittan has the lowest PEP of any of the South West firms that feature in The Lawyer UK 100 Annual Report. Topping the PEP table for the region is Burges Salmon at £363,000.
Bevan Brittan has also set ambitious targets for turnover growth for the next three years. Fee income is expected to rise 15 per cent this financial year, 15 per cent in year two and 10 per cent in the third year. If the firm achieves its targets, it would achieve a turnover of £54.2m for the financial year 2007-08.
Bevan Brittan was formed from the demerger of Bevan Ashford last November. Bevan Brittan took the firm’s offices in Birmingham, Bristol and London and a practice centred around PFI work. The other half of the business became Ashfords, with offices in Exeter, Plymouth, Taunton and Tiverton.