Manches failed to halt its falling revenue, with turnover down in 2010 to £30.6m from £31.1m in 2009 and £34.1m in 2008. However, the firm accounts on a calendar year, so its most recent figures do not reflect the progress it has made coming out of the recession. Net profit was also down, by 12.5 per cent, from £4m to £3.5m, while the equity partner count contracted slightly from 19 to 17. Average profit per equity partner fell by 2.8 per cent to £205,000, while the firm’s partnership also reduced, from 54 in 2009 to 45 in 2010.
Manches started its financial year with the appointment of Orrick Herrington & Sutcliffe’s former regional managing officer for Europe Alexandrina Le Clezio as chief executive. Le Clezio parted company with Manches after six months for personal reasons and a replacement was found in Judit Petho, the former chief operating officer at RSM International. Petho’s mission is to find new ways of growing while also tightening financial controls. Petho chairs the firm’s board, which comprises equity partner representatives from the firm’s London and Thames Valley bases.
The firm’s two managing partners, Melvin Pedro in London and Richard Smith in Oxford and Reading, take responsibility for their own office lawyers.