Osborne Clarke has posted a 12 per cent rise in average profit per equity partner (PEP) for 2009-10, with partners taking home an average of £393,000.
Turnover at the Bristol firm remained virtually flat at £83.7m, down slightly from last year’s figure of £84m, while UK profits increased by 5 per cent.
The results represent a recovery for the firm after it suffered a 36 per cent fall in PEP in 2008-09, down from a 2007-08 figure of £554,000. Revenue also dropped last year from £95.3m the previous year.
Managing partner Simon Beswick said: “This year’s theme’s definitely been ’investing for the future’. In difficult times it’s tempting to batten down the hatches, but we’ve continued to invest in our people, our systems and our client offer as part of our overarching rebrand because we want to emerge from the economic downturn as one of the winners.
“Over the coming year we’ll use our sector first approach to drive growth, particularly for our premium services and internationally.”
The firm has also saved money through its continuing relationship with legal process outsourcer Integreon. The £50m deal struck last year saw around 75 support staff transfer to the outsourcing provider (2 February 2009).