Sackers posts profit dip despite turnover stasis

Pensions boutique Sacker & Partners maintained its turnover during the 2008-09 financial year, although profit dipped slightly.

Turnover remained static at just over £21m while profit fell 3 per cent from £11.5 m to £11.2m. Plateau partners took home £1m while the firm’s average profit per equity partner (PEP) figure stood at £794,977, down from £881,830 in 2007.

The firm’s senior partner Ian Pittaway said profit had fallen because thefirm had spent more money on salaries and recruitment, adding that Sackers maintained a profit margin of 53 per cent.

He added: “Clearly conditions are tough in the legal marketplace but pensions remains high on the corporate agenda.

”There are plenty of robust debates around funding between struggling companies and their trustees and, sadly, benefit cutbacks for employees reflecting our more strait

A number of Sackers’ partners work on a part-time basis, meaning it has 14.1 full-time-equivalent equity partners.

The firm also has 10 salaried partners.