Pannone reports ‘unexceptional’ year

Manchester-based firm Pannone has reported steady growth for the last financial year, with a 15 per cent increase in turnover, taking it past the £40m mark.

The single-site firm announced turnover of £44m, which compares with last year’s figure of £39m, with an average profit per equity partner (PEP) increase of just over 4 per cent, representing a rise to £260,000 from £250,000.

Pannone Managing partner Joy Kingsley said: “We have had the same kind of growth since 1992 so it is just business as usual for us. It’s been a relatively unexceptional year for us. Each practice area has pretty much grown by the same amount this year.”

Last year (September 2006) The Lawyer reported the firm’s static PEP figure for the 2005-06 financial year due to heavy investment in staff.

Kingsley said: “We’re confident that the PEP figure will increase to £300,000 by the end of the next financial year.”