LG sees 35% PEP drop with revenue down 10%
LG has joined the ranks of firms announcing a drop in profits of more than 30%, with the City outfit seeing profits per equity partner (PEP) plunge by 35% against a 10% fall in revenue. Average PEP for 2008-09 stood at £281,000, down from £430,000 in 2007-08, while the firm posted revenue of £60.3m, down from a figure of £67.1m set during the previous year. The firm highlighted litigation as a strong performer, with revenues increasing by 10%, but said that corporate revenues had fallen significantly.
July 17, 2009 at 10:50 AM
1 minute read
LG has joined the ranks of firms announcing a drop in profits of more than 30%, with the City outfit seeing profits per equity partner (PEP) plunge by 35% against a 10% fall in revenue.
Average PEP for 2008-09 stood at £281,000, down from £430,000 in 2007-08, while the firm posted revenue of £60.3m, down from a figure of £67.1m set during the previous year.
The firm highlighted litigation as a strong performer, with revenues increasing by 10%, but said that corporate revenues had fallen significantly.
LG has conducted two redundancy consultations, with 18 support staff and 15 lawyers losing their jobs in April while in September 14 non-lawyers were laid off in the firm's real estate department.
Managing partner Hugh Maule said: "In all the circumstances these results are to be expected. Going forward we will continue our strategy of focusing on sectors, practice areas and geographical jurisdictions."
The news comes after Pinsent Masons announced earlier today that its PEP had dropped by 36% to £310,000 down from £486,000 the previous year.
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