Trowers & Hamlins

Trowers & Hamlins’ revenue during 2011–12 increased by 3 per cent to £80.5m. Senior partner Jonathan Adlington, who will step down from the role in 2013, described the results as “very positive after a good recession”.

The results will be seen as a bounce back to a degree of form. Trowers suffered a significant downturn in its finances during 2010–11, with a 20 per cent slump in average profit per equity partner (PEP) and a 12 per cent slide in turnover.

The 2011–12 financial year saw its PEP bounce back with a 9 per cent increase to £480,000.

While the revenue at the firm’s London office was the largest firmwide, its regional offices — Birmingham, Manchester and Exeter — were the most profitable. In 2011–12, London generated £54.6m revenue compared to the total of £8.8m contributed by the rest of the firm’s UK network. However, UK offices outside of London achieved a profit margin of 21.6 per cent, higher than London’s 15 per cent.

In terms of national expansion, Trowers opened its Birmingham office in July 2011, with two partners relocating from London and two partner lateral hires from Shoosmiths. The two new partners are employment lawyer Rebecca McGuirk and dispute resolution lawyer Yetunde Dania.

The firm’s international offices brought in £17.4m turnover in 2011–12, although they operated at a lower profit margin of 11 per cent.