A busy year for Halliwells, in which the North- West firm changed its name, hired several partners and carried out its first-ever merger, concluding with record turnover and profits.

For the first time PEP rose to £410,000, although the firm maintains a tightly-held equity. With just 38 per cent of its 103 partners full equity, average profit per partner is £217,000.

Turnover was up by 23 per cent to £50m. The January merger with Liverpool's Cuff Roberts contributed around £1.5m, with the rest from organic growth.

Halliwells performed solidly across all practice areas, which cover the full corporate and commercial spectrum. The Cuff Roberts merger handed it a small private client department, although managing partner Ian Austin told The Lawyer that the team is "being looked at".

Perhaps the biggest test of the next 12 months will be Halliwells' performance in London following its acquisition of new office space in the City and several lateral hires. Further expansion is planned, but the aspirations of many a successful regional player have foundered in the capital.