Kennedys turnover for 2001 has risen by 13 per cent on last year's £24.7m
The insurance litigation specialist capitalised on a year in which counter-cyclical litigation practices have come to the fore to raise fee income to £28m. Equity partners will benefit from a bumper harvest because profits are up by a huge margin. This year average partner profits will be about £300,000. Chief executive Ric Martin said the increase had come contrary to downward pressures on rates. He argued: "We're still driven by the hourly rates, so you have to work that much harder to be profitable." He added: "The good thing about insurance is that to some degree you're recession-proof. We don't get the huge peaks, but we don't get the huge troughs either. But saying that, our commercial people exceeded their targets as well." Martin said ventures that had been expensive for the firm to support in previous years had started making money. The Newmarket, Belfast and Hong Kong offices are all now contributing to the Kennedys coffers.