Berwin Leighton Paisner’s (BLP) average profit per equity partner has dropped nearly 8 per cent to £630,000.
The firm has posted mixed results for the 2016/17 financial year, with the PEP decrease coming alongside revenue growth of 7 per cent from £254m to £272m.
PEP fell from £683,000 to £630,000, although the fall is not as drastic as it was in 2012/13 when PEP fell by nearly 40 per cent from £660,000 to £401,000.
The firm has been attempting to recover from the fall ever since – growing PEP by 35 per cent in 2013/14.
When BLP posted its results in 2016, the firm also froze all lawyer and staff salaries amid the fallout from the Brexit vote.
The pay freeze ended last November, with the firm finally reinstating its annual pay review. However, it said it would not backdate pay for lawyers and staff.
Managing partner Lisa Mayhew said: “These pleasing results are rooted in our determination to service our clients well through quality teams working together across our international network.
“Our teams remain focused on achieving our clients’ commercial goals through a combination of expert lawyers, technology, our streamline process mapping business and our flexible resource offering under LOD.”
BLP announced its smallest-ever promotions round in 2017, making up just four lawyers in the UK, Frankfurt and Moscow.
This followed a record-breaking year in 2016 when the firm made up a group of 17.
Hires in London include Reed Smith data protection partner Kate Brimsted and Freshfields Bruckhaus Deringer counsel Jason Chamberlain, who joined the transport team as a partner. In Germany, Dentons counsel Till Buschmann joined to launch BLP’s restructuring offering in Frankfurt.
The firm is continuing to grow its Manchester office and announced it would be recruiting its first trainees in the city this year. London trainees are also being offered secondments in the office.
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