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Pannone’s average profit per equity partner (PEP) fell 9.5 per cent in the 2010-11 financial year with the firm blaming restructuring costs for the drop.
Average PEP at the firm stood at £207,600 following the 9.5 per cent drop, down from £229,500 in 2009-10.
During the same period turnover at the firm fell 4 per cent to £47.5m from £49.5m a year previously. Net profit at the firm was down by almost 13 per cent, from £7.8m in 2009-10 to £6.8m in 2010-11.
According to the firm, this year’s profit drop is largely due to one-off costs that resulted from its restructuring. Following her appointment as managing partner in July 2010, Emma Holt set about reorganising the firm “to be more aligned to current professional and market challenges”. Changes made included redundancies, reorganising the firm’s departments and management structure, and a re-brand (13 September 2010).
In a statement, Holt said: “It’s been a challenging year not only for Pannone, but the legal profession as a whole. To rise to these challenges and meet clients’ demands, it was necessary to modernise the firm and take a number of difficult decisions including redundancies.
“The restructure, which has been fully supported by the equity partners, has resulted in considerable one-off costs.
“Our 2010-11 results were as anticipated and we’re now in a position of considerable strength going forward and profits are predicted to increase significantly in the current financial year. Additionally, we’ve made a number of strategic partner appointments and are looking at further lateral hires.”