Thrings

Turnover at Thrings nudged up from £21m in 2010–11 to £21.8m last year, but average profit per equity partner (PEP) fell by 36 per cent, from £127,000 to £81,000.

The drop was partly due to a decision by the firm’s management board to reinvest a portion of the profit into the business. This move was intended to cover the costs of the move to new offices in Bath as well as lateral hires and investment in IT systems. Consequently, the full equity partners withdrew equal amounts from the profit pool which meant the top and bottom of the equity spread both stood at £81,000, as did PEP.

In terms of infrastructure the firm’s move to a smaller office in Bath saw outgoings of £850,000 for dilapidation costs and the cost of refurbishing the new building. The relocation also accounts for the fall in staffing level, from 349 in 2010–11 to 310 in 2011–12. On the flip side Thrings recently opened an office in Plymouth and is looking to open a satellite office in Reading this year. It also hired five partners during the year, a move that cost around £400,000 in recruitment fees.

Last year the bulk of Thrings’ revenue continued to come from personal injury. The firm has stated publicly that it is looking at spinning off its PI business into an ABS.