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North West firm Walker Morris has reported an increase in average profit per equity partner (PEP) of 11 per cent and a turnover increase of a little more than 5 per cent for the 2006-07 financial year.
PEP has risen from £605,000 last year to £672,000, while turnover has not seen a huge increase, rising to £47.7m from £45.3m. Managing partner Peter Smart explained that when taking into consideration disposals during the financial year, like-for-like turnover increased by around 15 per cent.
Smart said: "We sold the volume conveyancing business to Capita last August. Taking this into account we've had a good year. The commercial property sector has been booming and we've experienced good growth from this."
Firms such as Addleshaw Goddard, DLA Piper and Halliwells have all sold their volume conveyancy groups due to low profitability in the sector.
Walker Morris's licensing practice has had a good year, advising on key deals such as BIL Gaming's £37m acquisition of the Claremont Club.
Smart said: "This team has done very well and has picked up a number of clients that have been a success for other practice groups in the firm."