Withers has bounced back from its poor profit performance in the 2005-06 year, with this year’s average profit per equity partner (PEP) figure coming in at £350,000.
Last year the firm saw PEP slide from £314,000 to £313,000, but this year the figure rose by 11.8 per cent to £350,000. At the same time net profit rose by 9 per cent to £17.5m, while turnover increased by 16 per cent to £78m.
According to the firm’s managing partner Margaret Robertson, the rises can be attributed to increased activity in the wealth management sector, the firm’s main focus.
“There’s been a general boom in levels of wealth in London, as well as booms in the New York and Asian stock exchanges,” she said. “This means clients have been selling big stock positions and they need tax advice for that. That money also needs to be structured and planned for.”