Burges Salmon has posted solid results for 2012/13, with turnover increasing by 3.8 per cent from £71m to £73.7m in 2012/13.
It’s the fourth year of continuous revenue growth and an all-time record high for the firm, where turnover tumbled from £68.2m to £64.2m in 2008/09.
Net profit also rose by 4 per cent over the past year from £22.6m in 2011/12 to £23.5m. Profit per equity partner (PEP) crept up by 1.2 per cent from £418,000 to £423,000 – a smaller increase than its 5.8 per cent rise from £395,000 last year.
Managing partner Peter Morris said he is “pleased” with the results. He continued: “Looking at the current year, the firm is well positioned to take advantage of opportunities in 2013/14, although we recognise that the UK legal market is likely to be at least as challenging as it was in 2012/13.”
The firm’s breakdown of revenue by practice groups remained relatively stable in 2012/13, with corporate and commercial work bringing in 38 per cent and litigation 31 per cent of the firm’s total. Property work constitutes 17 per cent of Burges Salmon’s turnover.
Over the course of the past year, the firm’s London cohort moved from its Furnival Street premises into a newly-leased building in New Street Square. It follows the Bristol HQ’s £20.7m relocation into a new base at the city’s Temple Quay in 2010/11 (6 January 2012).
At the firm’s financial year end, on 30 April, Burges Salmon made up only three new partners – a decrease from its bumper round of seven partner promos in April 2012.