South West firm Michelmores continued its impressive turnover growth in 2006, posting a 19.5 per cent increase to £13.5m, from £11.3m in 2005.
The 32-partner Exeter-based firm, which also has an office in London’s Piccadilly, exceeded that growth with its average profit per equity partner figure, which increased by 37 per cent to £248,800. Thirteen of Michelmores’ partners are full equity, giving it a net profit of £3.23m.
Michelmores’ last full financial year ended on 31 December 2006. The firm moved to limited-liability status on 1 May this year and, as part of the corresponding review of its business, reduced its lockstep from six to five years.
Michelmores’ practice director Andrew Lovell said the firm had “enjoyed a sustained period of considerable growth” and had doubled in size over the past four years.
Total remuneration for all partners at Michelmores last year was £4.9m, up from £3.5m the previous year.
The firm’s revenue per lawyer figure dropped significantly, from £226,000 to £159,000, with the firm pointing to a marked increase in the number of assistants as the cause.