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This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Ward Hadaway has announced a 53 per cent decrease in average profit per equity partner (PEP) during the last financial year.
The North East firm’s PEP dropped from £408,000 during the 2007-08 financial year to £190,000 last year. Revenue at the firm saw a relatively small decrease, dropping by 6.5 per cent, from £28.4m down to £26.56m over the same period.
A source close to the firm said: “In revenue terms it hasn’t been a dreadful year for the firm. [But] it’s clearly been a difficult time for every firm.”
Last year Ward Hadaway hired six partners to launch a new Leeds office. But it was hit by the credit crisis and had to launch a redundancy consultation in September (TheLawyer. com, 25 September 2008).
The firm cut a total of 21 employees, the majority being non-fee-earning staff in the firm’s Newcastle office.