Partners at ASB will be taking comfort from the fact that profit per equity partner (PEP) is up by 24 per cent on last year, hitting £161,000 after 2004-05’s £130,000. Bizarrely, the firm declined to reveal fee income, which is understood to have remained static at last year’s £18.2m.
Cripps’ fee income rose to £16.35m, up 17 per cent on last year’s £14m. The figure includes the adjustment made for the sale of wealth management arm Cripps Portfolio in December, which accounted for 25 per cent of turnover. PEP rocketed to £187,000, up more than 50 per cent from 2004-05’s £119,000, while net profit increased by 44 per cent to £4.55m from 2004-05’s £3.15m.
Meanwhile, turnover at Thomas Eggar was £30.8m, up 10.7 per cent on last year’s £27.8m. PEP was £274,000, an increase of more than £40,000 on last year’s £228,000.
DMH Stallard, meanwhile, is set to see profit jump 12 per cent in 2006 after it revealed its half-year figures in February. Managing partner Tim Aspinall is predicting PEP of £200,000 – a 12 per cent rise on the 2004-05 figure of £180,000.
Turnover hit the £10m mark for the first six months of the financial year and, if the firm’s performance continues at the same rate, final turnover for the year will be static at £20m. However, Aspinall points out that profit will rise as a result of the firm losing four partners when it decided to separate from its shipping and transport team.
Speaking to The Lawyer this month, finance director Robert Mojab said: “We’re still on track to make the predicted £200k PEP on £20.7m of fees this year versus £20.0m for last year. Strong performance by all three offices in the South East and the City has more than compensated for discontinuing the shipping and transport business last year.”