Lewis Silkin prelim results point to record PEP and turnover

Lewis Silkin has announced its best-ever figures for average profit per equity partner (PEP) and turnover in its preliminary results.

For the financial year ending April 2006, the LLP announced a healthy 16 per cent increase in PEP to £263,000 compared with last year’s figure of £226,000.

Last year The Lawyer reported (5 June) that the firm had an astonishing 40 per cent increase in PEP after climbing up to £226,000 from £162,000 the previous year. Managing partner Ian Jeffreys said: “Last year we had a significant increase in PEP, in the 40 per cent region. These results indicate that we’ve done well in all practice areas.”

The slump in 2005 was attributed to the launch of the firm’s Oxford office in 2004, which put a strain on profitability.

This year’s results also revealed a turnover increase of 10 per cent on last year, from £23.1m to £25.2m.

Jeffreys said: “We had some problems in previous years, but we’ve done very well this time and I think all our practice areas have succeeded. I don’t think it would be right to single out any particular area because all have performed well.”

The firm announced its preliminary results after making five internal promotions and one lateral hire, the hire being that of M&A partner James Nwanko from AIM specialist Memery Crystal.