North West firm Walker Morris has reported an increase in average profit per equity partner (PEP) of 11 per cent and a turnover increase of a little more than 5 per cent for the 2006-07 financial year.
PEP has risen from £605,000 last year to £672,000, while turnover has not seen a huge increase, rising to £47.7m from £45.3m. Managing partner Peter Smart explained that when taking into consideration disposals during the financial year, like-for-like turnover increased by around 15 per cent.
Smart said: “We sold the volume conveyancing business to Capita last August. Taking this into account we’ve had a good year. The commercial property sector has been booming and we’ve experienced good growth from this.”
Walker Morris’s licensing practice has had a good year, advising on key deals such as BIL Gaming’s £37m acquisition of the Claremont Club.
Smart said: “This team has done very well and has picked up a number of clients that have been a success for other practice groups in the firm.”