Trowers posts double-digit rise in turnover

Trowers & Hamlins has posted a double-digit increase in turnover for the last financial year, with the law firm one of a band within the UK top 50 to report their 2008-09 financial results during the last week.

Trowers saw revenues hit £89.5m during the last financial year compared with £77.6m the year before, representing a 15% jump in fee income.

Profits per equity partner (PEP) were roughly static, falling from £515,000 during 2007-08 to £509,000.

Barlow Lyde & Gilbert, meanwhile, saw its revenues grow around 6%, with total turnover for 2008-09 standing at £86.9m compared with £82m the previous year. The firm has yet to release any PEP figures.

Addleshaw Goddard also saw PEP plunge by 30%. The firm said this week (29 June) that turnover fell by slightly more than 11% to £173.3m, down from £195.4m. PEP dropped by 30.8%, from £586,000 in 2007-08 to £405,000 for the last financial year.

Managing partner Paul Devitt said: “The last 12 months have been exceptionally challenging for many businesses and our performance has been shaped by this changed landscape.”

Just outside the UK top 50, City firm Mishcon de Reya has posted a marginal increase in revenues, with turnover increasing to £47.3m from £47.1m last year.

However, PEP fell by around 19%, dropping to £575,000 from £710,000 in 2007-08.

Trowers & Hamlins on the Legal Week Wiki