LG posts 63 per cent PEP hike as turnover nudges up

LG has trumped its UK rivals by posting a 63 per cent rise in average profit per equity partner (PEP) for the 2009-10 financial year.

Hugh Maule
Hugh Maule

Preliminary calculations show a turnover of £64.9m, up 7.6 per cent on 2008-09, and a PEP of £460,000, up from £281,000.

The firm’s managing partner Hugh Maule said he was “delighted” to see the firm emerge from last year’s “aberrant position” with such a robust financial performance.

In 2008-09 revenue dropped by 11 per cent to £60.3m following a tough year in the firm’s core corporate and real estate practices. Over the same period LG’s profit margin fell from 31 per cent to 26 per cent, a trend it now looks to have reversed.

“We’re now firmly back on the path we carved out several years ago and will continue to invest heavily in those areas central to the growth of our business,” added Maule.

LG’s international revenues grew 50 per cent on the prior year partly thanks to office openings in Moscow and Dubai as well as its investment in the firm’s international relationships.

“Our international growth continues to remain a strategic focus,” Maule added.

Elsewhere, said Maule, LG’s dispute resolution, finance, and corporate recovery and restructuring teams showed “exceptional levels of activity”.