TWM

TWM saw turnover fall by almost 4 per cent in the 2011–12 financial year, from £11.2m to £10.8m, with the decrease attributed partly to a number of departures in the firm’s family department.

The exit of equity partners allowed for a boost in average profit per equity partner of around 2 per cent, from £125,000 to £128,000. During the year three equity partners left the firm and one was appointed finance director.

At the same time as the departures TWM made a number of lateral hires, including head of family law Sarah Cornes, who rejoined from Howell Jones. It also recruited five salaried partners into its family and property departments as a result of its amalgamation with Guildford family practice Wheltons and the Guildford office of Dawson Mason & Carr.

Revenue growth across the firm’s key practice areas remained pretty flat, apart from a slight boost in residential property.

TWM is considering making a significant investment in a new IT system, the cost of which will be accounted for in the next financial year.

The firm divides net profit equally between its full equity partners on a pro rata basis. The top and bottom of equity stood at £108,000 and £91,800 respectively last year.