Weightmans PEP slides 19% as revenue hits record high

John Scorah Weightmans

Weightmans’ average profit per equity partner (PEP) fell 19% in the 2015-16 financial year as revenue hit a record high, following the firm’s merger with Leeds-based Ford & Warren in July 2015.

The firm’s net profit fell from £11.4m in 2014-15 to £9m in 2015-16, and its average PEP dropped 19% from £308,000 to £248,000.

However, revenue grew to a record level, from £88.6m in 2014-15, to £95.1m in 2015-16 – a 7.3% increase.

The revenue growth can be partially attributed to the firm’s merger with Leeds-based firm Ford & Warren in July 2015, which took the firm’s headcount to more than 1,400.

Managing partner John Schorah said: “We have experienced a period of steady growth over the past year, which was an extremely busy one for the firm.

“In addition to opening new offices in Leeds and London, we have made key lateral hires, secured new customers and worked hard on enhancing the portfolio of current clients.

“We have invested heavily in responding to client needs and have developed sophisticated technologies to improve efficiencies and streamline our activity.”

Earlier this month, Mills & Reeve also announced a record revenue figure with growth of 6.8% in 2015-16, to £87.2m.

The firm also recorded its largest ever staff bonus pool of £1.28m, equivalent to 5.2% of the firm’s total salary bill.

Claire Clarke, Mills & Reeve managing partner, said the firm’s growth “was achieved through growing demand for our services over the last 12 months”.

She added: “We are confident [that], despite the uncertainty created by Brexit, we can build on this growth in the current financial year.”