Withers sees PEP climb 19% as Ince reports increase in revenue

Withers and Ince & Co have both posted increases in revenue in 2011-12, as the final financial results for the UK’s largest 50 law firms emerge.

Withers saw double digit increases in both turnover and profits per equity partner (PEP) over the 12-month period ending 30 June. Turnover climbed by 12% from £100.8m in 2010-11 to £113.3m in 2011-12, with PEP jumping 19% to £383,325 from £322,760 the previous year.

The results come after the UK top 30 firm reported a 9.7% dip in PEP last year in the wake of an office launch in Zurich and fee-earner growth in its New York and Milan bases.

Withers made further investment in its international network at the end of the last financial year, with the launch of a Singapore office in May 2012.

Withers managing director Margaret Robertson said: “These results reflect the investment we have made into building an international platform with 10 offices in key financial centres. In fact today nearly half our revenue is generated outside London.

“With a new Singapore office, a presence in both Geneva and Zurich and a very successful Hong Kong offering, we are better positioned than ever to deliver a well-rounded service to the globally successful – individuals and families, their businesses and the institutions that serve them.”

Meanwhile, Ince saw revenues increase by 6.3% to £91.6m during the 2011-12 financial year, compared with £86.2m in 2010-11.

The news marks a return to growth for the firm, after turnover fell marginally last year by 0.1%.

Ince does not release its PEP; however market predictions put the figure at around £420,000 in 2010-11.