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Is SNR Denton slimming down before its big day? The firm’s UK LLP accounts certainly tell the story of a firm that’s been canny with its finances as a working date for the tie-up between SNR Denton, Salans and Fraser Milner Casgrain finally emerges.
In a slow transactional year where revenue dropped 5 per cent to £144.8m, SNR Denton’s costs fell and pre-tax profit rose nearly 40 per cent. As The Lawyer first reported in 2012, the firm’s average profit per equity partner (PEP) was up too, from £232,000 to £350,000.
SNR Denton’s UK LLP profit hike comes from a low base. PEP dropped 35.6 per cent and net profit fell 37 per cent in 2010/11, according to the previous year’s accounts.
Either way, news of the firm’s leaner physique comes as 1 March emerges as the working date for its merger with European firm Salans and Canada’s Fraser Milner Casgrain, although partners will remain in their existing LLPs for a while.
The firms had all said that the thing would go live in 2013, but as January rolled on without so much as a peep, we had started to wonder. Talk about delayed gratification.
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