Fladgate PEP tops £600k

West End firm Fladgate Fielder has revealed financial figures that place it near the top end of market performance for the 2006-07 financial year.

The firm’s record figures show that average profit per equity partner shot up by 21 per cent from £505,000 to break through the £600,000 mark for the first time, to £610,000.

Turnover also enjoyed double-digit growth, with total revenue up by 13 per cent to £25.5m.

Commenting on the results, Fladgate chairman Paul Leese said the results were a confirmation that, in financial terms, the firm was outperforming much larger firms.

“Sustainability and consistency remain the key aspects of our performance,” added Leese. “Our three departments have experienced continued growth over the past 12 months and it is particularly pleasing that a number of our recent strategic appointments are paying off.”

Fladgate’s three departments are corporate, property and litigation, all of which showed significant growth. As in previous years the bedrock of the practice is corporate (42 per cent of revenue) and property (40 per cent).

The top of equity at the merit-based partnership was almost £1m at £935,000 while the bottom was £355,000.

Fladgate has one of the tightest equity partnerships in the UK top 100, with just 13 full equity partners out of 40.