Bond Dickinson's PEP drops 4% as turnover stagnates

Jonathan Blair

Bond Dickinson’s average profit per equity partner (PEP) has dropped 4% from £275,000 to £265,000, as turnover remained flat at £104m for 2016-17.

This came as profit per lawyer increased by 2% from £32,350 to £33,000, while the total number of lawyers at the firm fell by 7% to 478.

Equity partners at the firm increased by two to 68.

In 2015-16, revenue at the firm dropped by 3%, from £107m to £104m, while PEP also fell from £284,000 to £275,000, a 3% decrease.

The results do not account for the firm’s upcoming transatlantic tie-up with its US alliance partner, Womble Carlyle Sandridge & Rice. In June, the two firms confirmed that they are to combine as Womble Bond Dickinson in a union that will go live on 1 October.

The pairing will mean that the firm will house more than 420 partners and 1,000 lawyers across eight UK offices and 15 US offices. Both will continue to operate as separate partnerships and profit pools with their own independent management.

Four members from each from each firm will sit on the board of the new entity, which will be co-chaired by Bond Dickinson managing partner Jonathan Blair (pictured) and Womble Carlyle chair and CEO Betty Temple.

In March, Bond Dickinson was appointed as a tier one firm on the UK government’s legal panel, alongside 12 other firms including Pinsent Masons, Linklaters, Dentons and DLA Piper.

In June, the firm announced that it was making redundancies in its Bristol office after losing its place on the panel of global insurer QBE.