As Irwin Mitchell breaks through the £200m turnover milestone, sources tell us the firm is in talks with Lloyds Banking Groupover the outsourcing of its retail & wealth and asset finance litigation teams.
Lloyds sent tender documents out to a number of panel firms last week inviting them to pitch for the tender. The firms have been given just two weeks to respond, with Irwin Mitchell pegged most likely to take the group of 70 staff from the bank. Of course it’s not just revenue rises that make Irwin Mitchell a likely contender, but the boost in the bank at least gives them a nice cushion to chat from.
While Irwin Mitchell has delivered a healthy set of figures not everyone has fared so well.
Late on Friday Lawrence Graham (or should that be LG?) became the latest firm to reveal a sizeable drop in profitability, with average PEP sliding by 14 per cent to £260,000. It is not alone in theBottom of the PEPs revenue table. Manches, Morgan ColeandDundas & Wilsonalso saw more than 20 per cent wiped from their annualised PEP figures.
DWF, Irwin Mitchell and Eversheds, all firms touting for Lloyds’ business, are doing their best to escape being lumped into the squeezed middle.Sadly it’s no fad diet for the rest.
Also on TheLawyer.com:
- Average profit per equity partner (PEP) has fallen at nearly half of the UK200 firms to have provided figures for 2012/13 so far, The Lawyer research has revealed
- Taylor Wessing’s Singapore arm is planning to launch a regional network under which it will form associations with local firms across the South East Asian region
- The Financial Times (FT) group is understood to have promoted senior legal counsel Dan Guildford to the role of general counsel, following the recent departure of longstanding legal head Tim Bratton