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Berwin Leighton Paisner’s (BLP) revenue has fallen 5 per cent from £246m to £233m at the end of 2012/13.
Turnover at BLP was up 10 per cent in 2011/12 to £246m from £229m the previous year. However, average profit per equity partner (PEP) dipped 7 per cent over the same period from £712,000 to £660,000.
Net profit at the firm was £63.6m at the end of the 2011/12 financial year. The firm is yet to release its latest net profit or PEP figures.
Earlier this month BLP confirmed it was to axe 102 legal and secretarial staff in its latest jobs cuts round (5 July 2013) following a consultation that kicked off on the 14 May.
The move is reminiscent of BLP’s last redundancy round in 2009, when 85 jobs were slashed through a mixture of compulsory and voluntary redundancies (22 June 2009).
In the 2011/12 financial year, staff costs at the firm rose above £100m with net debt increasing to £14.8m (25 February 2013). BLP also delayed paying bonuses to its equity partners earlier this year (8 March 2013)