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Northern firm Ward Hadaway has reported a 10 per cent rise in turnover and 14 per cent increase in average PEP for the 2012/13 financial year.
The firm said turnover had risen from £30m in 2011/12 to £33m in 2012/13, with particularly strong growth for its Leeds office which increased revenues by 25 per cent.
Average PEP went up from £281,000 in 2011/12 to £322,000 last year. There was also a significant boost in the firm’s equity spread, which in 2011/12 ranged from £232,000 to £290,000. Last year the equity partners at the bottom of Ward Hadaway’s modified lockstep picked up £288,000, with those at the top earning £329,000.
While overall staff and lawyer numbers rose, with eight additional partners in total, Ward Hadaway kept its equity tight with just 11 full equity partners.
The firm said its private client team saw the greatest increase in turnover, with a rise of 64 per cent. Other strong departments included corporate finance, with a 36 per cent rise in revenue and commercial services, where turnover rose by 14 per cent year-on-year.
Although Leeds was the standout performer geographically, the firm’s Newcastle and Manchester offices also saw growth.