Profits and performance

Partners at ASB will be taking comfort from the fact that profit per equity partner (PEP) is up by 24 per cent on last year, hitting £161,000 after 2004-05’s £130,000. Bizarrely, the firm declined to reveal fee income, which is understood to have remained static at last year’s £18.2m.

Recent months have also seen strong results at other firms in the region. These included Cripps Harries Hall and Thomas Eggar, which both boasted record turnover and PEP figures.

Cripps’ fee income rose to £16.35m, up 17 per cent on last year’s £14m. The figure includes the adjustment made for the sale of wealth management arm Cripps Portfolio in December, which accounted for 25 per cent of turnover. PEP rocketed to £187,000, up more than 50 per cent from 2004-05’s £119,000, while net profit increased by 44 per cent to £4.55m from 2004-05’s £3.15m.

Meanwhile, turnover at Thomas Eggar was £30.8m, up 10.7 per cent on last year’s £27.8m. PEP was £274,000, an increase of more than £40,000 on last year’s £228,000.

DMH Stallard, meanwhile, is set to see profit jump 12 per cent in 2006 after it revealed its half-year figures in February. Managing partner Tim Aspinall is predicting PEP of £200,000 – a 12 per cent rise on the 2004-05 figure of £180,000.

Turnover hit the £10m mark for the first six months of the financial year and, if the firm’s performance continues at the same rate, final turnover for the year will be static at £20m. However, Aspinall points out that profit will rise as a result of the firm losing four partners when it decided to separate from its shipping and transport team.

Speaking to The Lawyer this month, finance director Robert Mojab said: “We’re still on track to make the predicted £200k PEP on £20.7m of fees this year versus £20.0m for last year. Strong performance by all three offices in the South East and the City has more than compensated for discontinuing the shipping and transport business last year.”