Bevan Brittan has reported a profit rise of 2.5 per cent for the last financial year, despite having seen revenues jump by one fifth.
The interim results are the first for the firm since its split from Ashfords. The legacy Bristol, Birmingham and London arm of the former Bevan Ashford, has reported a 20 per cent turnover rise, to £37.3m. However, at the same time, profit per equity partner rose by just 2.5 per cent, to £209,000.
According to The Lawyer Annual Report, prior to last year’s split, Bevan Ashford reported average profit of £235,000.
Bevan Brittan attributed the results to the high costs associated with the demerger, the acquisition of its new landmark Bristol offices and its re-branding exercise. The firm has also seen dramatic growth in Birmingham.
Managing partner Stuart Whitfield said of the results: “We have strengthened financial performance while at the same time making substantial investments which will yield even higher returns in due course.”