The sound of crunching numbers has been echoing through the corridors of Midlands firms during the past month as the financial year drew to a close.
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, rising from £307,000 to £395,000.
As first reported by The Lawyer (3 May), growth in average PEP slowed during the past year compared with the recorded 47.6 per cent hike in 2004-05. However, turnover shot up 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.
The number of partners in the all-equity partnership increased slightly, from 105 to 107.
Wragges senior partner Quentin Poole says that, while the corporate group “took advantage of a thriving corporate finance sector”, real estate continued to drive the firm, generating almost 30 per cent of total turnover.
The HR group saw the most growth, with pensions powering through the past year, increasing turnover by 43 per cent.