Nabarro PEP hits £600,000

<a class=Nabarro PEP hits £600,000″ />Nabarro has posted a 6 per cent rise in average profits per equity partner (PEP) with the figure at the end of the 2007-08 financial year standing at £600,000. Last year the firm’s PEP was £567,000.

This rate of growth is far more muted than the firm’s revenue rise, which came in at just under 14 per cent for the year. This took turnover to £140m.

The firm’s senior partner Simon Johnston (pictured) said: “This is in line with our expectations and puts us towards the top of the mid-market.”

Johnston added that PEP had risen at a slower rate than turnover due to investment over the year.

“We’re investing more in infrastructure like IT, but the thing that has impacted most firms in the last few years is the salaries,” he added.

From September newly-qualified (NQ)lawyers in Nabarro’s London office will earn £64,000, just £1,000 below magic circle firm Allen & Overy. For Nabarro NQ’s this represents a rise of 2.4 per cent on last year’s salary.

In the regions, NQ’s in the firm’s Sheffield office have seen a salary hike of almost 9 per cent, up to £41,000