Lewis Silkin recovers with 40 per cent profit hike

Lewis Silkin is celebrating a staggering 40 per cent increase in average profit per equity partner (PEP) after two years of plummeting profits.

The firm saw PEP climb back to £226,000 from 2005’s £162,000, but it still has to regain the heights of 2003, when PEP was recorded at £245,000.

Meanwhile, turnover rose 14 per cent to £23.1m, the largest increase for several years.

Profitability in 2005 was hit by Lewis Silkin’s new Oxford office, which opened in 2004 after a raid on Boodle Hatfield.

During the past year, the firm has both hired and lost partners. Hires include the former head of legal at Capital Radio Cliff Fluet, who joined the firm in April this year, and a dual appointment in the incentives team from big four accountants Ernst & Young and Deloitte.

Losses include corporate head Clare Grayston, who left for Nabarro Nathanson in December, and employee incentives head Guy Abbiss, who joined Bird & Bird in November. Last week IP partner Gillian Cordell announced her departure for Maclay Murray & Spens.