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Last year was tough for Morgan Cole - the toughest since the beginning of the recession, according to managing partner Elizabeth Carr. The firm has grown year-on-year since 2008-09, but 2010-11 was the first period in which it failed to grow revenue.
The public sector and health teams in particular struggled. Public sector work accounted for 21 per cent of total revenue in 2009-10, or £7.6m, but that slipped to 17 per cent, £5.8m, last year. Turnover dipped from £36m in 2009-10 to £34.2m. Net profit also decreased, from £6.8m to £5.7m.
On the flip side, Morgan Cole’s insurance and private client teams grew, while the corporate team came in on budget. Insurance accounted for approximately £13.7m of total revenue.
In a bid to improve performance, the firm merged its corporate and commercial teams. It also placed its risk team back into insurance and its regulatory team back into litigation.
The equity partner headcount decreased from 34 to 32, partly as a result of a number of members reaching retirement age. The value of capital contributions from equity partners increased to account for this.