Turnover and PEP up at Lewis Silkin

Lewis Silkin has posted a marginal increase in turnover for the 2009-10 financial year, with revenue rising 1.5 per cent from £31.2m to £31.7m.

Ian Jeffery
Ian Jeffery

Net profit rose from £5.7m to £6.1m while average profit per equity partner (PEP) rose from £252,000 to £259,000. The average number of equity partners at Lewis Silkin also stayed steady at 23.

Managing partner Ian Jeffery said that the figures were “broadly in line with expectations” and that relative to much of the market a slight increase was “quite a result”.

Jeffery added that he believed it had been the firm’s practice mix that had primarily helped Lewis Silkin put in a “less choppy” performance than some of its rivals.

“Our strategy long term is to remain doing very much the same as we are currently,” said Jeffery. “That means continuing to focus on global labour law, urban regeneration and the creative industries as well as remaining a good place to work.”

Employment remains the single largest part of Lewis Silkin’s practice, accounting for 42 per cent of revenue, or £13.3m.

Media, brands and technology was its next largest group with 17 per cent while the firm also maintains a focus on the regeneration market thanks to its historic social housing focus.

Lewis Silkin is now two years in to a new partner appraisal system that includes a clearer set of criteria linked to remuneration on its modified lockstep.

The lockstep itself, which sees partners move up the bands in increments of four points after they enter the equity, has stayed the same.