Pannone’s profit flat after year of investment

Pannone has exceeded its turnover target for 2006, bringing in £39m for the last financial year after heavy recruitment.

The result is an increase of 16 per cent from last year’s figure of £33.5m.

Managing partner Joy Kingsley said that while the North West firm had not yet finalised profits, Pannone’s average profit per equity partner (PEP) was likely to remain static at about £250,000.

During the past year the firm has brought in an additional 120 people, including a merger with two-partner Manchester personal injury practice Johnson Yates in November.

“That takes chunks out of profit,” said Kingsley. “I’m pleased we’ve maintained the position.”

Kinsgley added that the firm’s corporate, commercial property, commercial litigation and personal injury teams had performd particularly well.