Profits per partner have also increased substantially. Although final figures are not yet confirmed, managing partner Brian Smith predicts an increase of more than 15 per cent to an average of around £200,000.
“There was buoyant growth in the insurance, public sector and health practices, with property and litigation work also holding up well,” said Smith.
Like most other firms, Browne Jacobson still felt the effects of a downturn in corporate work. Smith said: “In common with other commercial firms, we saw a downturn in some corporate and commercial areas for part of the year. But overall, deal work remained strong, with completions of an aggregate value over £1bn during the year.”
The increased turnover also reflects a change of strategy for the firm. Smith took over as managing partner from Derek Bambury in May 2001. At the same time, the firm announced the aim of further developing the London and Birmingham offices.
This year, the firm has also strengthened its construction team with the appointment of Russell Deards, formerly head of construction at Midlands rival Nelsons. Deards brought with him heavyweight client Legal Risk Management.