Trowers & Hamlins PEP slides 8 per cent
Trowers & Hamlins PEP slides 8 per cent" />Average profit per equity partner (PEP) at Trowers & Hamlins has fallen 8 per cent, from £559,000 last year to £515,000 this.
The firm attributed the drop to market conditions, together with investment in salaries.
Fee income grew by 14 per cent to £77.6m, after last year’s total of £68.1m.
However the turnover growth has slowed from previous years. Last year the firm posted growth of 21 per cent, while 2005-6 saw record growth of 28 per cent.
Head of finance David Dixon said: “There has been a slowing down in the second half in areas most likely to be affected by the current downturn.”
The firm increased the total number of equity partners from 23 to 28 in the same period.
The total partnership grew from 88 to 106 members, maintaining the ratio of 26/74 per cent equity to non-equity partners.
Readers' comments (3)
Anonymous | 17-Jun-2008 6:54 am
Sounds pretty good actually
I should have thought that any firm which has increased the number of equity partners by 21% and yet suffers only a drop of 8% in PEP is doing pretty well. It's nice to see a firm not deliberately cutting back on equity partners to increase their PEP.
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Anonymous | 20-Jun-2008 1:27 pm
Liars!!
It's funny how the managing partner is claiming that the drop in the PEP is due to investments in salary...my salary rose by 5%..(as was the case for the majority of my other colleagues). We're all ticked off. The partners are just greedy! From an employee in the international department
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Anonymous | 11-Jul-2008 1:49 pm
Aint got a clue!
I used to work there few months back. They seem to spend a lot of money on the unnecessaries but fail to pay their staff enough compared to other firms not doing quite as well as them - let alone the amount of overtime that got unpaid because certain teams are not allowed to claim.
It probably also comes down to the fact that everyone seems to leave due to their deputy head of HR!
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