Pannone’s turnover fell by nearly 3 per cent in the 2011-12 financial year but average profit per equity partner (PEP) rose by 8 per cent after the firm cut costs by £1.5m.
Turnover at Pannone for the 2011-12 financial year was £46.17m, down 2.8 per cent on 2010-11’s £47.5m. Average PEP at the firm was up from £207,600 in 2010-11 to £224,233 in 2011-12. The highest paid partner got a profit share of £537,250, up from £309,314 in 2010-11, although the latter figure is from the firm’s LLP accounts and could include retirement payments.
According to the firm the rise is profits comes after it managed to cut net costs by £1.5m. In 2010-11 the firm’s total net operating costs were £37.1m, according to its LLP accounts. The firm also said that it has reduced net debt by £2m.
Earlier this year the firm revealed that it was set to make redundancies in its construction, road traffic accident and family teams in Manchester, with up to 12 lawyers and support staff at risk as the firm closed its offices in Hale and Alderley Edge (10 January 2012).
In a statement managing partner Emma Holt said: “We’ve had a solid performance for the year and the firm is in a strong financial position. We’re well funded for the next few years and are continuing to strengthen our balance sheet. We are well positioned to plan our investment, take advantage of new opportunities and profitably grow the business.
Holt became managing partner in 2010 and immediately set about restructuring the firm by changing Pannone’s management structure and department set-up, in addition to cutting staff (13 September 2010).