Nabarro has posted a 10 per cent drop in turnover alongside a double-digit fall in average profit per equity partner (PEP) for the 2009-10 financial year.
Turnover fell from £126.5m at the 2008-09 year-end to £113.8m while PEP fell 15 per cent from £375,00 to £320,000. At the same time the total number of equity partners increased by one to 96.
The firm’s profit margin remained relatively static, falling slightly from 28 per cent to 27 per cent. This was partly as a result of the firm cutting budgeted operating costs by around 10 per cent.
The equity spread for 2009-10 runs from £170,000 to £510,000, compared with £215,000 to £600,000 for the 2008-09 financial year.
Revenue per lawyer dropped seven per cent from £299,000 to £280,000 over the same period.