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Average profit per equity partner (PEP) at Newcastle firm Muckle dropped by a third in the 2007-08 financial year, the firm’s LLP results have revealed.
Muckle has traditionally declined to comment on its financial performance, but the firm’s LLP filing for the year ended 6 April 2008 reveals that PEP fell to £158,000 at the end of 2007-08, ;down ;from £230,000 the previous year.
The partner with the largest ;remuneration received ;£352,000, ;a decrease of 15 per cent from £411,000 the previous year.
The firm has laid off 14 staff during the current financial year, citing uncertain market conditions.