Watson Farley reports steady year as PEP reaches £390K

Watson Farley & Williams has announced modest year-end results with average profit per equity partner (PEP) rising by 9.3 per cent to £390,000.

Turnover at the top 50 firm for the 2004-05 financial year increased by 8.6 per cent from £45m to £48.9m, while revenue per fee-earner jumped by 3.7 per cent from £298,000 to £310,000.

Net income grew by a very impressive 19.6 per cent from £17m to £20.3m. Meanwhile, top of equity at the 57-partner City firm is expected to jump from £620,000 to more than £700,000, while bottom of equity has remained static at £150,000.

Managing partner Michael Greville said: "This is the most profitable year the firm has ever had although it's a shame that [PEP] didn't reach the magic £400,000 mark."

As reported in The Lawyer last week (16 May), a growing number of firms, including Addleshaw Goddard, Nabarro Nathanson and Olswang, are now inhabiting the £400,000 PEP band.