Trowers & Hamlins PEP slides 8 per cent

<a class=Trowers & Hamlins PEP slides 8 per cent” />Average profit per equity partner (PEP) at Trowers & Hamlins has fallen 8 per cent, from £559,000 last year to £515,000 this.

The firm attributed the drop to market conditions, together with investment in salaries.

Fee income grew by 14 per cent to £77.6m, after last year’s total of £68.1m.

However the turnover growth has slowed from previous years. Last year the firm posted growth of 21 per cent, while 2005-6 saw record growth of 28 per cent.

Head of finance David Dixon said: “There has been a slowing down in the second half in areas most likely to be affected by the current downturn.”

The firm increased the total number of equity partners from 23 to 28 in the same period.

The total partnership grew from 88 to 106 members, maintaining the ratio of 26/74 per cent equity to non-equity partners.