Kendall Freeman suffered from a slow litigation year with a turnover and profit drop, the firm’s financial figures have revealed.
Turnover was down by 9 per cent to £16.6m from last year’s figure of £18.2m. Average profit per equity partner (PEP) dropped by a smaller amount, falling by 4 per cent down to £332,000.
Managing partner Laurence Harris said the primary cause of the drop was the settlement of two large arbitrations.
“It’s the nature of our business that it’s going to be bouncy in terms of turnover,” he said.
However, Harris added that, despite the results, the firm was still paying a 2 per cent bonus to all members of staff.
Kendall Freeman was formed when DJ Freeman split up in March 2003. The firm became a niche litigation and insurance outfit and now has 21 partners.