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Pannone brought in a turnover of £52.5m for the 2008-09 financial year, a 3 per cent increase on the total of £50.8m for 2007-08.
The firm’s profit margin has dropped from 27 per cent last year to 22 per cent this time round. As a result average profit per equity partner (PEP) has fallen by 21 per cent, from £290,000 in 2008 to £228,000 for 2009.
Partners at the bottom of the firm’s equity will pocket £137,000, while those at the top of equity will receive £245,000.
The total number of partners at the firm has increased from 110 to 119 over the year, with four being promoted to the partnership this year.
Total staff numbers stand at 752. This is 26 fewer than at the previous year-end, with Pannone having made a number of redundancies.