Withers’ net profit margin fell to 15 per cent in the past financial year, a drop of six percentage points on the previous financial year’s figure, while average profit per equity partner (PEP) dropped by 24 per cent.
PEP at the firm stood at £273,000 at the end of 2008-09, down from £357,000 the previous year. Plateau partners received £500,000, which is £100,000 less than in 2007-08. Those at the bottom of the equity will take home £211,000 compared with £200,000 in 2007-08.
Turnover at the firm is up by 5 per cent, from £88.8m to £93.3m, with private client, family and litigation among the most significant contributors to total revenue.
Managing director Margaret Robertson said: “We’re pleased to have recorded a growth in revenues and for the coming year we’re forecasting a return to previous or higher levels of profitability.”