BLM sees partner profits fall 28% as revenue edges upwards

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BLM has posted a 28% drop in profits per equity partner (PEP) for 2015-16, alongside a 3.5% increase in revenue.

The firm’s PEP for the year ending 31 March 2016 was £192,000, down from £265,000 in 2014-15. This came alongside a 19% drop in net profit from £18.3m to £14.8m. However, revenue increased by 3.5% from £104.1m to £107.7m.

Senior partner Mike Brown (pictured)  said the results “reflect a year of investment at BLM”.

“The growth of our business and its strength in the future will be the result of the investment we make now; investment in technology, in the right people and in the right locations, and with the right skills, are crucial,” he said.

The firm has grown via mergers in recent years. In 2014, it merged with Scottish firm HBM Sayers and Northern Irish risk and insurance firm Campbell Fitzpatrick Solicitors.

Brown said: “Our combinations with HBM Sayers and CFS Solicitors are fully embedded and we are already seeing the results of our expansion into Scotland and Northern Ireland.”

He also pointed at future expansion, adding: “We need to offer the market a flexible service in their global territories and therefore our time and investment in creating a global network is in hand.”

The firm grew its partner and associate numbers during 2015-16, with equity partner numbers increasing from 71 to 77, while non-equity partner numbers rose from 136 to 152.

However, the firm was hit by a wave of resignations in its Southampton office earlier this year. Eight partners resigned from the firm, including its head of Southampton and Bristol, Michael Renshaw.