Some firms in the region reported record-breaking figures at the end of the financial year.
As reported by The Lawyer (3 May), Birmingham giant Wragge & Co came out on top, posting a record 28.7 per cent increase in average profit per equity partner (PEP) for 2005-06, surging from £307,000 to £395,000.
Turnover rose by almost 15 per cent, tipping revenue into triple figures for the first time at £101.3m. Net profit hit £41m, compared with £32.4m for the previous year.
Mills & Reeve, which is becoming a force in the region, recorded a sharp 22 per cent rise in turnover and an 11 per cent growth in PEP. Turnover at the Norwich-based firm rose from £40.4m to £47.9m, while PEP increased from last year’s £226,000 to hit £253,000.
Shoosmiths‘ PEP rose 16 per cent, from £342,000 to £396,000, marking the firm’s fifth consecutive year of profit increase. Turnover was up 23 per cent on last year, from £60.8m in 2004-05 to £74.7m for 2005-06.
Freeth Cartwright reported record financials. PEP rocketed by 30 per cent, from £146,000 to £190,000. Turnover rose to £25.2m, an increase of 17 per cent on the previous year. It is the first time the firm has broken the £25m barrier. Browne Jacobson‘s turnover also broke its firm record, breaking the £30m barrier for the first time to reach £30.2m, up 11.5 per cent from last year’s £27.1m. However, partners will be mourning a PEP of just £292,000, marking an 8 per cent drop from last year’s record £316,000.