Macfarlanes' PEP soars 29% on rising transatlantic work

Macfarlanes’ profit per equity partner (PEP) jumped by 29% as revenue increased 14% last financial year.

In its unaudited results the firm reported PEP of £1.55m in 2014-15, up from £1.19m the previous year.

It also posted revenue of £159.6m, up from £139.7m.

The firm’s net profit also jumped by 26% to £81.7m.

The financial growth builds on a sharp hike in profit in 2013-14. In that year PEP climbed by 21% while revenue rose by 22%.

Macfarlanes senior partner Charles Martin said the firm saw growth “across the board” but highlighted a high volume of cross-border London and US deals that provided work for the firm’s London office as a particular boost.

He added: “Last year was also a year in which our almost entirely sterling billings were a distinct advantage.”

Martin also said the results were “flattered” by the release of provisions last year for overdue fees that were subsequently settled.

He added that the currency fluctuations and political uncertainty in Europe also led to increasing work for the firm’s private client practice: “There is a very close correlation between the unrest in various parts of the world and private client work.”

However, Martin said he was not optimistic for the year ahead. “It is not looking as good as last year. It’s too early to call but so far it is tougher as it’s not as busy.”