Pannone posts turnover drop as it launches in London

Pannone has launched a corporate crime team in London, as it posts a six per cent drop in turnover and average profit per equity partner (PEP) remains static.

The firm has opened an office in London’s Jockey’s Fields that will focus on business crime, fraud and regulatory law in the UK, several years after having closed its office in the capital.

The news comes as the firm announces that turnover fell by six per cent from £52.5m to £49.5m for thee 2009-10 financial year, while PEP increased by £1,000 to £229,000. The firm now has three fewer equity partners than last year at 36.

Commenting on the office opening head of regulatory Anthony Barnfather said: “The majority of our work’s been in London therefore it’s a natural extension to have a fulltime presence in the capital.

“We’ve seen a sharp rise in high-profile investigations by regulators, in particular the Financial Services Authority, and as a result we’ve opened a London office to service the demands of our growing client base.”

Pannone has hired two partners to run the London office – Zia Ullah from Barclays and Sara Teasdale, who joins from recently dissolved IP and life sciences boutique Roiter Zucker.

Prior to working at Barclays, where he was a director and group head of sanctions and policy (sanctions, anti-money laundering, bribery and corruption), Ullah worked at Pannone.

Pannone’s senior partner Joy Kingsley leaves the firm today to start gardening leave before joining rival firm JMW as senior partner in September (25 May 2010).