Macfarlanes has unveiled a 6.7 per cent revenue fall for the 2009-10 financial year, with fees dropping from £99m to £92.4m.
This is the first time the London firm has reported its financial results during the reporting season and follows the firm’s convertion to a limited liability partnership in 2008 (16 November 2009).
The previous year’s figures were provided on the basis of non-GAAP compliant accounting. A like-for-like comparison shows the City firm’s turnover to have dropped by only 2 per cent, from £94.3m.
Macfarlanes senior partner Charles Martin said that the figures demonstrated “a robust performance” over the past 12 months.
“They represent a fair result,” he added. “Many of our main markets have been tough and remain that way so the revenue compares favourably with our competitors.”
Macfarlanes’ average profit per equity partner (PEP) was down to £710,000, a 16 per cent drop from the previous year’s £846,000 but only 4.5 per cent down on the like-for-like figure of £744,000. In 2007-08, the firm reported a PEP of £1.1m.
Pre-tax profit stood at £44.3m in 2009-10, a small like-for-like decrease from last year’s figure of £44.77m.