Wragges becomes latest firm to post H1 results with turnover down 3%

Wragge & Co has recorded a drop in half-year turnover, with revenues dipping to £47.5m.

The drop marks a 3% decrease in fee income from the same period in 2008, when Wragges posted revenues of £49m.

Quentin Poole, the national firm's senior partner, said that corporate activity had started to pick up over the last six months and that projects had remained relatively strong.

However, he said there was little evidence that litigation activity was increasing while the property and restructuring markets were remaining weak.

Wragges saw total revenues for 2008-09 fall by 16% to £105.8m, with profit per equity partner dropping by almost 40% to £292,000.

Poole (pictured) commented: "We would be disappointed if we came in below £100m [in 2009-10]. We are aiming for £100m-plus and that's on the basis that we're not factoring in a material upturn."

Wragges' revenue announcement comes amid a mixed financial reporting season. While firms including Berwin Leighton Paisner, Simmons & Simmons and Pinsent Masons have all seen revenues fall, others - such as Norton Rose and Lovells - are expecting to be static, while Denton Wilde Sapte and Bird & Bird both have both seen revenues increase.

Allen & Overy remains the only magic circle firm to post half-year results so far, with the firm recording a 7% drop to £511m.

Wragge & Co on the Legal Week Wiki