How do you get up from an all time low, asked English-Irish pop combo The Wanted in 2010. Perhaps the boy band were belting out the words with the legal market in mind, given that we’ve seen a number of all-time lows and highs in recent days.
Let’s start with the lows. Net profit has fallen to a 10-year low at Manches, dropping by 42 per cent from £3.7m to £2.15m, while average profit per equity partner (PEP) has fallen below £200,000 for the first time since 2004/05 to £135,000.
Revenues at the firm haven’t fared much better, dropping to its lowest point since 2004/05, to £26.3m.
Now the highs. In 2004/05 Mishcon de Reya sat one slot below Manches in The Lawyer UK200 at number 78. Eight years on and Mishcon has moved away from its former rival, with PEP increasing by 184 per cent since to £840,000 and now the firm is targeting revenues of £100m within three years. How’s that for a happy song?
So there you have it. Cheesy pop music is inspired by UK law firm financials after all.
Also on TheLawyer.com:
- The expansion of the equity partnership at HowardKennedyFSI has cut average profit per equity partner (PEP) at the combined firm by almost half to £128,092
- Herbert Smith Freehills (HSF) and Linklaters have triumphed in the crucial pension scheme deficit case brought by the administrators of the Lehman Brothers and Nortel schemes in the Supreme Court
- Australian firm Minter Ellison has added two tax lawyers to its Hong Kong office to spearhead the development of its tax practice in the region