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Olswang breaks through £500K profit benchmark" />Olswang has crashed through the £500,000 barrier for average profit per equity partner (PEP) for the first time since 2000.
The firm's turnover, which six years ago stood at £35m, has mushroomed to £77m, a growth of 22.5 per cent in the last financial year. Average PEP provisionally stands at £525,000.
Chief executive Jonathan Goldstein said the combination of a strong financial performance and a "tight control" on costs had resulted in the firm producing its best-ever profit margin.
Goldstein added that the strong profit figures, with a number of its partners earning significantly more than £500,000, had resulted in Olswang emerging as "one of the strongest firms" in the mid-market. "£500,000 really is becoming the benchmark by which the leading firms in this market are judged," he said.
The firm is budgeting for a 10-15 per cent increase on PEP for 2007 and is expecting turnover to reach at least £85m. Olswang's recent acquisition of the majority of property boutique Kanter Jules has already kicked off the current financial year with some £4m of additional turnover.
Goldstein pointed to particularly good results in the firm's commercial litigation, tax, film, private equity and mainstream corporate teams. He also cited the firm's five-partner Thames Valley office, which brought in £4.5m in turnover last year, seeing its revenue rise by 39 per cent. "Reading had its strongest year ever in turnover terms," said Goldstein.