Morgan Cole profit defies stagnant turnover

Wales-based Morgan Cole has recorded a disappointing turnover for the second year running, while achieving a second year of increased average profit per equity partner (PEP).

The firm’s 2006-07 financial results show turnover has remained static at the £29.3m recorded in 2005-06, which itself was down 5 per cent on 2004-05’s figure of £30.7m.

Despite this, PEP has jumped up by a healthy 15 per cent to £195,000 from 2005-06’s £170,000, which was an impressive 30 per cent rise on the figure of £130,000 in 2004-05.

Managing partner Elizabeth Carr said: “We’re managing our business better: there is better delegation of work and better fee rates.”

Carr said that the firm had acquired higher-paying clients and was no longer doing lower-paid work for existing ones. She added that the firm has already shouldered the cost of the Bristol office that was launched this year (The Lawyer, 16 April).