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The firm’s year-end results, announced today, also show 2006-07 profit per equity partner (PEP) up 15 per cent, from £400,000 this time last year to £460,000.
Managing partner David Ryan said: “This is good progress - we are well ahead of budget. We originally budgeted for £185m [turnover].”
Ryan said that the growth was even across the firm’s geographies and practice groups, and that the PEP growth had been despite significant investments. These include £4-5m spent on the London office’s move to the Citypoint building, approximately £2m more than average spent on IT, plus the cost of 20 lateral hires and 20 promotions to the partnership.
Ryan said the firm’s performance compared well with ‘benchmark firms’ such as DLA Piper and Eversheds. He added: “Clearly we won’t be comparing ourselves to the Magic Circle, but as far we’re concerned we are right on target.”
Ryan said the firm will continue 2006-07’s focus on cross-selling and more international work throughout 2007-08, as well as seeking to “make the most of our Beijing office”.