Matrix development slows after two years

Matrix Chambers’ growth has stalled after two years of rapid expansion, with revenues of £9.25m in 2003-04, up just 5 per cent on last year.

Turnover is up from £8.8m in 2002-03, which had signalled an impressive 21 per cent hike on 2001-02, following the 24 per cent rise in 2001-02 from its first year of practice.

Matrix described its last year as “one of transition”. A wave of new EU and competition specialist recruits, whose incomes are not included in the latest £9.25m figure, joined in April 2004, while one of its key fraud and terrorism specialists, Ken Macdonald QC, took up a three-year post as Director of Public Prosecutions.

Matrix chief executive Nicholas Martin is pleased with the growth. He said: “We now have a much more extensive junior end than in previous years, with 12 members of five years’ call or less.”

Monckton Chambers, the leading EU and competition set, has posted a turnover of £8.74m, up from £7.75m last year. The figure represents a 173 per cent increase on the 1998 figure of £3.2m. Average earnings per tenant at Monckton has grown from £145,597 in 1998 to £273,159 in 2004. The set has 11 silks and 21 junior barristers.

Following growth in commercial and overseas work, 39 Essex Street has recorded an 11 per cent rise in revenues on 2002-03, from £14.8m to £16.5m.