Wragges’ PEP up by just 4 per cent

Birmingham-based Wragge & Co has boosted turnover by 11 per cent, from £101.3m last year to £112.6m. The firm’s year-end financial results also revealed that average PEP was £410,000, up by less than 4 per cent from £395,000. Total profit is up by 9 per cent, from £41m to £45m, while the profit margin has remained stable at a respectable 40 per cent. Senior partner Quentin Poole said Wragges has an all-equity partnership and claimed: “Our £410,000 PEP would be about £100,000 more per partner in a firm with a 20-30 per cent non-equity partnership, or £200,000 for a firm with 60-70 per cent non-equity.” He said the odds of appointing non-equity partners in the next three years were “50 to one against”.