Wragge & Co has announced a 2 per cent increase in fee income on last year
The firm earned £77.8m in fees for the year ending April 2002, up from £76.3m the previous year. The figures are disappointing, given that Wragges posted a 40 per cent increase in gross fees last year. However, given the economic climate, the increase is still respectable and it is not expected to be too far out of line with competitors' figures. Wragges managing partner Quentin Poole said: "We'd like to have beaten last year by a bigger margin, but we felt that the fact we didn't was largely down to 11 September." He also said that the firm achieved the results without staff cuts. "Our policy is to keep the team intact, although we recognise some people might be underemployed. We got those people to work on launching new products," he added. The best-performing department was technology with a 14 per cent growth in fee income. The group has recently been appointed as sole IT law provider for GlaxoSmithKline. The property group also had a strong year, with 7 per cent growth. Corporate and M&A were predictably quiet.