Wales-based law firm Morgan Cole has increased profit by an extraordinary 30 per cent, while recording a slump in turnover.
Morgan, which has offices in Cardiff, Swansea, Oxford and Reading, recorded profit per equity partner (PEP) of £170,000, up 30 per cent on last year’s £130,000. Yet turnover is down 5 per cent, from £30.7m last year to £29.3m this year.
Commercial director Tim Pashley explained: “We’ve been working on costs and have also secured rate rises. The quality of work has also improved, meaning we have higher margins.”
Morgan has promoted two associates to the partnership in the past 12 months, but lost two partners – mediator Phillip Howell-Richardson and Alex Pay from dispute management, who both left last June.
The promotions are commercial lawyers Simon McCann in Cardiff and John Conder in Oxford. The firm also hired one partner, Cardiff’s Jonathan Rees, who joins from Dolmans. Six solicitors were promoted to associate level.
Morgan also has a new managing partner and has re-elected its chairman. Elizabeth Carr, formerly head of the insurance group, replaces IP specialist Alison Patten-Hall, who returns to the commercial group. Robin Havard has been re-elected chairman for a three-year term.