Wragges reveals tepid financials

Birmingham-based Wragge & Co has boosted turnover by a middling 11 per cent, hitting £112.6m after 2005-06’s £101.3m.

Meanwhile, average profit per equity partner (PEP) has hit £410,000, up by less than 4 per cent from £395,000 last year.

Total profit is up by 9 per cent, from £41m to £45m, while the profit margin has remained stable at a respectable 40 per cent.

Senior partner Quentin Poole said: “We’ve seen sustained growth over the past 12 months, particularly in London and the South East, as well as from clients based overseas.

“It’s a highly competitive market and we’re focused on what we do best – building relationships with our clients so we can provide commercial legal advice that helps them achieve their business objectives. It’s a simple strategy, but an effective one.”

Wragges’ 29-partner real estate team, the firm’s largest practice group, increased turnover from £28.9m to £34m, generating 30 per cent of overall turnover.

Corporate and banking accounted for £18m, up from £15.6m last year.

Deal highlights for the group included the Peabody Fund’s £400m sale of Cutlers Gardens Estate last year (The Lawyer, 20 November 2006).