Wragges turnover falls just short of target

Wragge & Co’s turnover has grown by 11.5% to £125.5m, just short of the £127m that the firm was predicting at the half-year level, as first reported by The Lawyer, 7 November 2007.

Managing partner Ian Metcalfe said: “We’re slightly behind budget and like many we experienced a slow down in real estate and corporate, but business hasn’t fallen off a cliff.”

Nevertheless major transactions in the first half led the real estate group to post the highest rate of turnover growth among the five major practice groups at the firm – 16 per cent. The other four groups are corporate, dispute resolution, finance projects & technology and human resources.

Metcalfe said that a drop-off in the second half of the financial year for the real estate group was abated by a flurry of work advising on capital gain tax-related issues.

Largest growth at the smaller, ‘team’ level was seen in the five-partner banking and finance practice, which saw turnover increase by 31 per cent.

Metcalfe added: “A number of magic circle and larger City firms had the benefit of exceptional transactions in the first half. We’re not at the top of any tables but we’re happy with double-digit growth across the firm.”

Other strong growth was experienced by the 10-partner IP team, which posted 24 per cent growth. The team sits within the finance, projects and technology group, which had a turnover of £30m this year. The firm’s energy team also performed well, increasing by 17 per cent.