Midlands firm Wright Hassall has seen a marginal increase in turnover but a sizeable drop in profit after investment in IT systems last year.
Wright Hassall’s revenues rose by 1.5 per cent, from £13.3m in 2011/12 to £13.46m last year.
Meanwhile average PEP dropped, from £179,000 in 2011/12 to £142,000 last year – a 21 per cent decrease. Net profit dropped from £2.7m to £2.1m, a margin of 15 per cent.
Managing partner Richard Lane said the change was largely due to investment in IT and a new debt recovery platform during the year.
The firm’s headcount dropped slightly, from 82 lawyers in 2011/12 to 79 last year, with two fewer partners.
Lane said Wright Hassall had added new practice areas in the past five years, including employee benefits and corporate immigration, which were paying off. He added that the firm was managing its costs by moving fee-earners around to respond to price pressure from clients.