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North East firm Walker Morris saw average profit per equity partner (PEP) drop 27 per cent in 2008-09 on the back of a turnover drop of 8 per cent.
PEP dropped from £670,000 in 2007-08 to £486,000. Revenue fell from £48m to £44.2m.
Managing partner Peter Smart said: “While this reduction is disappointing we can’t defy gravity. It’s nonsense to believe that turnover and profits can rise inexorably year-on-year. We’re at least fortunate that we have above-average profitability and so even the reduced profit is reasonably healthy.”