Lincoln’s Inn firm Farrer & Co has posted a revenue of £46.7m for the last financial year, an increase of 9.6 per cent from £42.6m in 2010.
The firm is also expecting a marginal increase in net profit, from £10m to £10.6m, a rise of 6 per cent. This represents a drop in the profit margin from 24 to 23 per cent.
New co-senior partner Jim Edmondson noted that the firm gave pay rises in May 2010 and that much of the increased revenue could be attributed to a growth in the number of fee-earners.
“We’ve been focusing on maintaining a great practice with good profitability and retaining all our people,” he said. “We’re not downsizing and we wouldn’t maximise profit at all costs.”
The biggest increase in percentage terms came from the commercial property group, which saw revenue rise by 34 per cent.
The firm is also home to one of the few real estate departments to make hires at a senior level in the City in recent times. In April last year it took on real estate partners Robin Holmes and Clive Lovatt from Travers Smith and Addleshaw Goddard respectively.