Bakers posts 56 per cent PEP hike

Average profit per equity partner (PEP) at Baker & McKenzie’s London office rose 55.5 per cent to £650,000 in the 2009-10 financial year.

The firm also projects a net profit rise of 56.2 per cent, from £25.1m to £39.2, on a turnover of £120.3m – up 4.6 per on 2008-09.

The figures are in stark contrast to what was a ­difficult 2008-09 for the firm, when turnover fell 3 per cent and PEP dropped 33 per cent.

The recovery over the past financial year, which runs from 1 July 2009 to 30 June 2010, means that all staff in London will receive a 4 per cent bonus.

London senior partner Gary Senior, who was re-elected for a third term ­earlier this year, said: “Few firms in the UK have seen an increase in turnover, so we’re obviously very pleased with the figures.

“Half the practice is transactional, and that’s where we’ve had the most growth.”