Manches doubles its partner profits
Legal Week reports
February 24, 2004 at 07:03 PM
2 minute read
Manches has posted a dramatic 52% rise in partner profits as the West End firm moves to regain the initiative after a turbulent two years.
The firm's results, which have a year-end of December 2003, saw average partner profits hit £210,000 from the previous year's figure of £138,000, with turnover reaching £23.8m against 2002′s figure of £22.9m. Partner drawings ranged from £350,000 to £125,000.
During the same period the number of fee earners dropped from 116 to 108 although partner numbers remained static at 50. There were three promotions to the firm's 22-partner equity. Manches said that robust performances from its construction and family law teams were responsible for the growth in profits, which comes despite a turnover increase of just 4%.
The results will provide a boost for Manches after it struggled through 2002 with a spate of departures, including seven partners from its core property team.
Manches has also recently overhauled its management, with head of family law Jane Simpson last year taking over from veteran senior partner Alasdair Simpson, who later left to join the employment department of Addleshaw Goddard.
Simpson said: "Manches is making good progress at all levels and I am delighted about the way the team has responded during the past 12 months."
One source close to the firm added: "Manches' last few years have been so bad that it was set up well to see a big improvement in profits."
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