Partner profits drop again at LG to £430,000
LG has sustained its second consecutive year of falling partner profits, with the firm's financial results for 2007-2008 showing a 3.4% drop in profits per equity partner (PEP). The drop means average PEP has fallen from £445,000 in 2006-07 to £430,000 for the latest financial year. During the same period turnover inched up by 2.3% £66m to a new mark of £67.5m.
June 19, 2008 at 08:45 AM
2 minute read
LG has sustained its second consecutive year of falling partner profits, with the firm's financial results for 2007-2008 showing a 3.4% drop in profits per equity partner (PEP).
The drop means average PEP has fallen from £445,000 in 2006-07 to £430,000 for the latest financial year. During the same period turnover inched up by 2.3% £66m to a new mark of £67.5m.
The modest increase is an improvement on the previous financial year, when LG's turnover remained static at £66m.
The firm's tax and private capital group put in the best performance this year, with revenues in the department increasing by 20%, while corporate reported growth of 16%. However, real estate – the firm's biggest practice area – was badly affected by the downturn in the market.
The reverse comes after LG last month announced a major overhaul of its management structure and practice group system, breaking down its umbrella business and finance group to create four new standalone departments.
At the same time, the firm overhauled the leadership of its three existing groups with Andrew Witts replacing Andrew Dobson as dispute resolution head and Anthony Thompson taking over the tax and private capital team.
The changes were overseen by new managing partner Hugh Maule – previously head of business and finance – who was instated as firm head in February, replacing Penny Francis who became senior partner.
Maule (pictured) told Legal Week: "We are a bit frustrated and disappointed with our results. Clearly I have quite a lot to do."
Have your say on all the City end-of-year numbers with the Legal Week Wiki results special.
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