Cobbetts predicts static PEP

Cobbetts is predicting no change in profitability due to a slower than anticipated consolidation of its recent growth spurt. Cobbetts managing partner Michael Shaw said average profit per equity partner (PEP) is likely to remain static at around £190,000, despite a 7 per cent turnover rise to £53.7m. Cobbetts carried out a series of mergers in
2004 and 2005 with firms including Lee Crowder in Birmingham and Fox Brooks Marshall and Wilbraham in Leeds. The firm has added 90 partners in just five years. During the past year Cobbetts also spun off its debt recovery division and its Birmingham financial services practice.