Martineaus posted a turn-over of £17.2m in 2000-01, which grew to £18.5m this year. Revenue per partner remained fairly constant, increasing marginally from £420,000 per partner to £440,000, but the net profit dipped from £3.5m to £2.5m.
Martineaus managing partner David Gwyther attributed the fall to additional costs arising out of the firm’s expansion, including lateral hires, and to adverse financial conditions. He conceded that the corporate department had been particularly hard hit by the economic downturn.
“We’re an ambitious firm and we regard this year as a blip,” Gwyther commented.
The firm has just invested in prestigious new office space in Birmingham and intends to grow its London practice with an aggressive lateral hire programme.
Martineaus is one of the few firms to announce a significant dip in profits; but given the economic climate, it is likely that many of its rivals are in a similar position.
The Law Society has hiked minimum salaries for trainee solicitors to take account of rising living and study costs across the country From 1 August, trainees living outside London will be paid at least £13,000, up from £12,000, while their counterparts in the capital will see their minimum wage rise from £13,600 to £14,600. The […]