Cobbetts turnover up 18 per cent at half-year stage

Cobbetts has announced half-year income of £24.2m, up 18 per cent from the same period last year.

Managing partner Michael Shaw said profits were also “significantly higher” than last year, and he expected full year average profit per equity partner (PEP) to reach £225,000 – up 18 per cent from 2005’s disappointing £190,000.

The growth follows two years of merger and lateral hires which has seen Cobbetts almost double its turnover, from £26m in 2003 to £50m in 2005. However PEP has remained broadly static throughout, dipping from £202,000 in 2004 to last year’s results.

Shaw said that the banking and commercial departments had performed particularly strongly, with a number of new panel appointments this year including a spot on the Barclays lending and finance panel.