Property slump fails to dent Manches’ PEP

West End firm Manches posted an 8 per cent drop in average profit per equity partner (PEP) last year, an unexpectedly strong ­performance for a firm so ­dominated by property.

PEP fell from £227,000 to £209,000, while total revenue was all but flat, dropping from £34.4m to £34.1m.

Manches was forced to lay off 10 people earlier this year, primarily from its ­corporate practice, as a result of the economic downturn (, 19 March).

However, the firm’s ­family and litigation practices saw strong demand, contributing to the firm’s better-than-expected results.

Manches’ partner headcount remained relatively static at 55 compared with a total of 56 partners last year, although the number of equity partners shrank by two to 22.