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Turnover has remained steady at Bond Pearce over the 2008-09 financial year, with the firm bringing in £48m, equal to 2007-08’s figure.
Despite the lack of change in turnover, profitability fell slightly at the South West firm, with the profit margin dropping from 17 per cent in 2007-08 to 15 per cent in 2008-09.
As a result profit per equity partner (PEP) fell by 13 per cent, from £245,000 to £213,000, and the highest-earning equity partner made £300,000, which was £14,000 less than the previous year. The average number of partners increased from 67 to 74.
Larger regional rivals Burges Salmon and Osborne Clarke posted greater drops in PEP, but still have higher PEPs than Bond Pearce, at £409,000 and £352,000 respectively (TheLawyer.com, 7 July).