Weightmans has emerged from several years of low profitability with a stunning 25 per cent increase in average profit per equity partner (PEP) and an 18 per cent income rise.
The North West firm is predicting PEP to hit £265,000 following a strong financial year, a rise of 25 per cent from last year’s £211,000. Meanwhile turnover hit £37.5m, up from £31.7m in 2005.
The results are an impressive turnaround from just two years ago, when Weightmans posted PEP of £145,000 and income of £30.5m.
Managing partner Patrick Gaul said: “I’m building the business carefully and incrementally, and not getting carried away and throwing money around.”
Gaul said that the firm’s core area of insurance litigation had performed strongly, in a turnaround from the difficulties suffered by Weightmans and other North West insurance practices in the early 2000s.
He added that Weightmans was also succeeding in expanding into related areas such as healthcare and the public sector, with high-profile hires including Liverpool City Council’s head of legal Graeme Creer.