LG reports drops in turnover and PEP for 2010-11

LG’s turnover dropped 9 per cent in the 2010-11 financial year while average profit per equity partner (PEP) fell by 10 per cent over the same period.

Turnover at the firm fell from £64.9m in 2009-10 to £59m while PEP went from £460,00 to £412,000.

Net profit at the firm in 2010-11 was £15.2m, down 19 per cent on 2009-10’s £18.8m.

In the 2009-10 financial year the firm witnessed a significant bump in PEP, with the figure rising 63 per cent from £281,000 to £460,000, while turnover was up 8 per cent.

According to the firm, 42 per cent of revenue now comes from its international clients, while the Dubai office has increased revenue by 26 per cent. Corporate and real estate were the most active areas for the firm, both contributing 28 per cent of the firm’s revenue.

In a statement, managing partner Hugh Maule said: “We’re continuing to invest in our key practice areas and are confident of holding our market position in the forthcoming year with a good pipeline of deals across the firm, notwithstanding the prevailing economic conditions.”