The two firms have hit what is fast emerging as a PEP benchmark for the mid-market. Norton Rose has revealed that it reached that target, while initial indications suggest Eversheds, Nabarro and Simmons & Simmons will also achieve the milestone.
Addleshaws reported a 14.8 per cent increase in PEP, from £472,000 to £542,000, for the 2006-07 financial year. At Osborne Clarke PEP has risen by 20 per cent from last year’s £425,000 to hit £511,000.
Addleshaws managing partner Mark Jones said: “We continue to make real progress and these results reflect a period of balanced growth and sound financial management across all parts of our business.”
Addleshaws’ turnover has increased by 13.1 per cent, up from £156.2m to £176.7m. The firm’s contentious and commercial and real estate teams contributed the highest amount to turnover, bringing in £50.8m and £54.4m respectively. Last September The Lawyer reported that Jones was aiming for PEP to break the £500,000 benchmark after falling short last year.
Osborne Clarke’s turnover has risen by 12 per cent to hit £82.8m after reporting £74.1m last year.
The firm has also increased the amount of profit set aside to finance its performance scheme by 30 per cent, with total bonus payments of up to 25 per cent available for the firm’s highest performers.
Managing partner Simon Beswick commented: “This is the biggest profit share ever at Osborne Clarke, rewarding staff across the firm and highlighting the important part everyone plays in the firm’s success.”