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Lovells posts double-digit turnover, PEP growth

Author: Jeremy Hodges

Published: 15/05/2008 15:50

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Lovells has become the latest firm to unveil double-digit growth in both turnover and profits per equity partner (PEP).

Preliminary results for 2007-08 show the firm’s turnover jumped by 13% to £479m, up from £425m last year.

PEP saw a similar percentage increase, jumping by around 12% from £592,000 to £662,000.

The growth means partners at the top of the lockstep will pocket £826,000 compared with £732,000 last year. The bottom of the equity now stands at £413,000, up from £366,000.

The results show a marked improvement on last year when turnover grew by just over 7% and PEP by just under 5%.

They also reflect the firm’s increasingly international nature, with billings outside London exceeding those in London for the first time. London was responsible for 49% of the firm’s total revenues.

Managing partner David Harris (pictured) told Legal Week: “In contrast to our competitors we have had a different pattern where in each quarter we have seen growth. The Dubai office is way ahead of projections with five partners and 22 lawyers in place and we are delighted with the way it has performed.”

He added: “We are trying to build sustainable performance that will help the firm in the medium term and beyond.”

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