Nabarro has been cutting partners as turnover for 2011-12 looks set to effectively flat line.
Nabarro has posted an unaudited revenue figure of £113.4m for the 2011-12 financial year. This year’s figure was up less than one per cent on 2010-11’s £112.6m haul, which, in turn, was a marginal decrease on the £113.8m it posted in 2009-10.
The firm said that work-in-progress increased over the 2011-12 financial year, pointing to healthier workloads. It also added that it is “actively managing the partnership” in a bid to boost profit per equity (PEP) partner. On 1 May 2012 the firm had 112 partners, compared with 125 on the same date in 2011.
Average PEP at Nabarro in 2010-11 was £318,000, down slightly on the previous year when it was £320,000.
In a statement, senior partner Simon Johnston said: “After stabilising turnover last year, we look set to post a marginal increase for 2011-12. Ongoing economic uncertainty and the tough market for transactional work in the UK are challenging, but we have an established platform for growth. Our strategic decision to open an office in Singapore, for example, is already paying off and we will be looking to invest further there in the near future.
“In common with other firms, we have had to make some difficult decisions because of the ongoing economic uncertainty and, of course, some partners have left who we would rather have stayed. However, as part of a more active approach to our strategic priorities and on the back of our results, we will continue to invest in our partner and fee earning teams.”