BLM’s average profit per equity partner (PEP) has plummeted by 26.5 per cent, from £279,000 to £205,000.
The sharp decline in PEP was caused by BLM’s net profit falling 26.4 per cent, from £15.9m in 2014/15 to £11.7m last year. This was despite BLM’s equity partnership shrinking by 12 partners to 57.
Despite the reduction in net profit the firm achieved its highest ever turnover, which increased by 3.5 per cent £107.7m.
BLM’s revenue growth last year was considerably less than the 17 per cent growth it achieved during the previous year. During 2014/15 turnover increased by 17 per cent, from £89m to £104.1m, breaking the £100m barrier for the first time.
BLM is currently searching for new office space in Dublin. The firm currently occupies 3,500sq ft but is considering increasing its office size to 5,500sq ft as part of plans to grow its headcount.
Ireland head Peter Campbell has already viewed three new premises since August last year but has not yet made a final decision on the proposed deal.
The firm is also gearing up to launch its first international network. Traditionally BLM has implemented a wholly domestic strategy with offices in UK and Ireland but will formalise relationships with overseas firms as part of its new network.
BLM International will consist of a “limited” number of “like-minded risk and insurance law businesses” from across Europe, Asia Pacific and the US.