BLP and Macfarlanes suffer 30%-plus partner profits dips
Berwin Leighton Paisner (BLP) and Macfarlanes both saw profits per equity partner (PEP) drop by more than 30% during the last financial year. BLP's PEP fell by 33% during 2008-09, after the firm spent £10m opening new offices and bringing in senior laterals. The drop takes PEP down to £414,000 from £620,000, while turnover fell by 2.7% to £180m from £186m. Net profit at the firm fell by 23% to £57m.
July 16, 2009 at 10:41 AM
2 minute read
Berwin Leighton Paisner (BLP) and Macfarlanes both saw profits per equity partner (PEP) drop by more than 30% during the last financial year.
BLP's PEP fell by 33% during 2008-09, after the firm spent £10m opening new offices and bringing in senior laterals. The drop takes PEP down to £414,000 from £620,000, while turnover fell by 2.7% to £180m from £185m. Net profit at the firm fell by 23% to £57m.
The firm cited the opening of its new offices in Abu Dhabi and Moscow and expansion in Singapore as contributing factors to the drop in PEP, as well as lateral hires such as regulator partner Sidney Myers in July 2008.
BLP said that one-third of its turnover had an international element.
Meanwhile, Macfarlanes saw its PEP plunge by 31% to £846,000 against an 11% fall in turnover to £99m, down from £111m in 2007-08.
The results mean that the firm, which is exposed to the UK private equity market, joins a trio of firms seeing PEP fall below £1m.
Ashurst, Herbert Smith and Clifford Chance have also seen PEP drop below the million mark, leaving only Linklaters, Freshfields and Allen & Overy confirming PEP of £1m or above, though indications have yet to emerge from Slaughter and May.
Last month Macfarlanes launched a second redundancy consultation putting 15 jobs under threat, with the cuts coming on top of a January consultation affecting seven real estate fee earners and seven secretaries across the firm's corporate and property practices.
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