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As a string of stories in recent weeks have shown, the credit crunch has begun to bite. The latest bitten is Trowers & Hamlins.
After two years of stellar growth followed by a drop in PEP – it recorded PEP growth of 28 per cent in 2005-6, and 21 per cent last year – partners are watching the pennies this year, with PEP actually falling by 8 per cent.
“We had a number of jobs that didn’t complete, and instead of being rushed off our feet, [things slowed down] for the last quarter,” admits senior partner Jonathan Adlington.
Adlington highlights commercial property, public sector and corporate transactions as being particularly blighted.
And like many firms this year, growth on the turnover front (14 per cent) was no small thanks then to the firm’s offices across the Middle East, he said.
But ever the optimist, Adlington sees this year’s slow down as a mere blip on a longer, brighter trajectory, and says there are no strategic reviews in sight:
“We’re confident that everything is on track. The UK is 50-50 public to private. We’re going to continue to do that: we’re not going to change direction at all.”
And given the firm’s performance of recent years, he could be right.
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13-June-2008, Trowers & Hamlins: set back, or de-railed?
12-June-2008, Stephenson Hardwood: joining the club
11-June-2008, Ward Hadaway, Leeds and Hoyle: the long game
10-June-2008, Lewis Silkin: credit where due?
09-June-2008, Freshfields: equity cull pays off
06-June-2008, Martineau Johnson: mission accomplished?
05-June-2008, Addleshaw Goddard: babies and bathwater
04-June-2008, Technology firms: RPP reveals all
02-June-2008, The magic circle – a new ring leader to emerge?
30-May-2008, Berwin Leighton Paisner: could do better
29-May-2008, Links to take CC’s crown?
28-May-2008, FFW: surprise performer
22-May-2008, Herbert Smith lays down the gauntlet
19-May-2008, Second tier is out to impress