Pittaway, pensions and not-so-pitiful PEP

Specialist pensions-focused firm Sackers, consistently one of the UK 200’s top-performing boutiques, is putting on a brave face after reporting falling figures across the board for the 2013 calendar year.

The firm saw revenue drop by 2 per cent last year, from £24.3m to £23.8m while net profit returned to its 2011 figure of £12m, having hit £12.5m in 2012. Average profit per equity partner (PEP) dropped from £765,000 to £742,000.

Despite its position as other law firms’ favourite retrieval specialist, Sackers has not been sat idle in the face of threats to its fee income. Towards the end of 2013 Sackers’ managing partner Ian Pittaway set a 2020 plan in motion to diversify its income streams and pricing options to cope with clients’ determination to drive down cost.

Pittaway, who was unanimously voted into the senior partner spot for the fourth time in February, described the latest financials as, “a good result in a difficult marketplace.

If Ashurt’s Charlie Geffen is correct in his statement this week that PEP should be an outcome not an objective, Pittaway should still have his firm behind him.

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