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Net profit has tumbled by 14 per cent at Trowers & Hamlins from £16.8m to £14.5m, while globally net profit is down by 21.4 per cent to £15.8m.
Jennie Gubbins, Trowers & Hamlins
Global and UK revenues, meanwhile, have also been squeezed, dropping 3 per cent both globally, from £80.8m to £78.3m, and in the UK, from £63.4m to £61.5m.
The firm’s 51.6 equity partners saw average profit per equity partner (PEP) drop by 14 per cent from £358,000 to £307,000. Those at the top of equity saw their salaries fall by 17 per cent from £496,000 to £412,000, whil ethe bottom of equity also took a nosedive falling 16.6 per cent from £198,000 to £165,000.
Staff numbers have crept up globally, although the London office now has 389.9 staff members, compared with 391 staff last year. Fee earner numbers are almost stagnant with 356.6 across the firm globally, compared to 357 last year, and 279.7 in the UK, compared to 275 last year.
Practice areas are generating similar proportions of revenue as last year, the firm said. Globally, corporate generates 30 per cent of revenues, or £24.2m, on a par iwth 2011/12 while the finance group generated 6 per cent of turnover, or £4.8m.
The firm’s property group generated the largest proportion of revenues at 43 per cent, or £34.7m.
Trowers elected a new managing partner last year. Former private equity co-head Jennie Gubbins replaced Jonathan Adlington as senior partner after his 12 years in the job (12 July 2012). It made up seven partners in April comprising five in London, one in Dubai and one in Manchester (3 April 2013).