Pannone & Partners has announced a record increase in turnover for the end of this financial year.
The Manchester-based firm has recorded gross fees of £17.8m, an increase of 30 per cent on last year’s figure of £13.7m.
Profits per partner are thought to be between £180,000 and £200,000. Last year, profits per partner stood at £130,000, compared to this year’s £180,000. Of Pannone’s 54 partners, 33 are equity partners, and it has a total of 185 fee-earners.
Managing partner Joy Kingsley says: “This [profits per partner] figure must be considered in the light of the seven equity partners we made up last year.”
This year, another seven partners were made up and the firm has also hired John McMuldroch, head of corporate and commercial at Glasgow-based Boyds.
Kingsley says: “All the departments made their targets but the commercial team did especially well, billing fees 36 per cent over budget. One major deal for that department was advising Manchester Airport in its buyout of East Midlands and Bournemouth airports.”
Profitability was also helped by a saving on negligence insurance when the firm saved £100,000 by buying insurance on the open market.
The firm has an equity spread over five years of 2:1, meaning that the most junior equity partners will earn some £90,000.
Kingsley says: “The ability to make 14 new partners in the past two years has come about because of our very substantial growth, year on year, over the past five years. Legal staff have increased by more than 100 per cent in that period and we now have 200 more people working for us than we did in May 1996.”
She adds: “We appreciate that we had an exceptional year but are not complacent. We realise we have to do it all again next year.”