BLP posts steady financial results for 2009-10 as PEP and revenue rise
Berwin Leighton Paisner (BLP) has announced improved financial results for 2009-10 after the firm's profits dropped by a third last year. The UK top 20 firm has estimated that average profits per equity partner (PEP) will stand at £455,000 based on this year's financial results, up 9.9% from 2008-09 when PEP fell by 33.2% to £414,000.
June 14, 2010 at 06:26 AM
2 minute read
Berwin Leighton Paisner (BLP) has announced improved financial results for 2009-10 after the firm's profits dropped by a third last year.
The UK top 20 firm has estimated that average profits per equity partner (PEP) will stand at £455,000 based on this year's financial results, up 9.9% from 2008-09 when PEP fell by 33.2% to £414,000.
Meanwhile, total turnover at the firm increased by 6.1% to £191m from last year's figure of £180m.
A firm spokesperson said: "As far as we are concerned this is a solid performance under the current market conditions."
The firm had attributed the fall in profitability in 2008-09 to international expansion and
a number of senior lateral partner hires.
The news of the results comes after several market rivals recorded improved profitability for 2009-10. Last week Beachcroft posted an 8% increase in revenues to £131m alongside a 4% PEP rise to £314,000.
Olswang and Addleshaws have also both revealed their 2009-10 financial results this month, with Olswang managing a 38% PEP hike to £420,000 and a 2% revenue rise to £91m, while Addleshaws saw revenues decline by 3% to £167.5m while PEP rose by 5% to £426,000.
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