Wragges' turnover down at half-year stage

Wragges' turnover down at half-year stage" />Wragge & Co is forecasting a six per cent drop in growth at the half-year stage, having attracted revenues of around £56m. Over the same period last year the firm posted a turnover of £60m.

Real estate, which accounts for 31 per cent of firmwide turnover, has been the worst-hit practice group. The firm is expecting revenues for that practice group to fall by between five and 10 per cent.

At the other end of the spectrum, turnover in projects, which is part of the finance, projects and technology group, is expected to grow by between five and 10 per cent, boosted by public sector infrastructure work and project finance work in Europe and Africa. Litigation, meanwhile, is forecasting single-digit growth.

Senior partner Quentin Poole said: "Real estate has been badly affected, but it isn't just real estate - quite a lot of the business has been affected.

"My sense is that firms like us and other national firms, which have diversified across a range of practice areas, have felt the downturn earlier than other City firms. But it seems to me that the impact of the recent problems in financial markets will be felt by the larger City firms."

Read our half-year story for more financial results.