Field Fisher Waterhouse (FFW) has seen a fall in 2012/13 financial figures, with turnover dropping 2.5 per cent to £95m and PEP down 2 per cent to £402,000.
The figures compare with turnover of £97.5m and PEP of £410,000 in 2011/12 (5 July 2012), when turnover was up 4 per cent but profits down 20 per cent.
The fall in PEP comes with an increase in net profit, which has risen by 8 per cent to £18.3m against £17m in 2011/12, and follows investment in partners and lateral hires during the last year.
The firm’s highest-paid equity partner will receive £615,000 from 2012/13, up by 20 per cent from £515,000 in 2011/12.
Chissick added that the firm’s financial services and funds, privacy and information, finance, personal injury and technology and outsourcing teams had been the most profitable during the year.
“Going forward, we will be deciding on our London property move shortly and continuing with our lateral recruitment drive. I am confident we are putting in place the foundations for an increase in profitability across the whole firm,” Chissick added.
The firm has been hunting for a new London base for some months (4 June 2013).
Last year saw FFW abandon merger talks with Osborne Clarke (14 November 2012) and restructure its partnership (16 October 2012).In March, the firm confirmed it had delayed partner profit distributions (15 March 2013).
Departures included procurement partner Andrew Lucas, who went to Dentons legacy firm SNR Denton (2 October 2012), while franchising partner Mark Abell also announced his departure for Bird & Bird during the last financial year (17 June 2013).
The firm made up six to its partnership at the start of the current financial year (28 March 2013).