LG PEP rises 64% as Norton Rose revenues hold steady
LG has posted a 64% increase in profits per equity partner (PEP) in a dramatic turnaround for the UK top 50 firm. Profits at the City law firm rose sharply from last year's figure of £281,000 to a new high of £460,000, after falling by 35% in 2008-09. The firm's PEP is now higher than it was during the boom year of 2007-08, when it stood at £430,000.
June 22, 2010 at 12:52 AM
2 minute read
UK top 50 firm posts dramatic profits turnaround after strong year
LG has posted a 64% increase in profits per equity partner (PEP) in a dramatic turnaround for the UK top 50 firm.
Profits at the City law firm rose sharply from last year's figure of £281,000 to a new high of £460,000, after falling by 35% in 2008-09. The firm's PEP is now higher than it was during the boom year of 2007-08, when it stood at £430,000.
The increase comes alongside a 7.6% hike in revenues, with fee income growing to £64.9m. LG pointed to dispute resolution, finance, corporate recovery and restructuring as strong-performing areas of the business, while international revenues doubled following the opening of offices in Moscow and Dubai.
Managing partner Hugh Maule (pictured) said: "We are now firmly back on the path carved out several years ago and will continue to invest heavily in those areas central to the growth of our business."
Meanwhile, Norton Rose has posted a marginal drop in turnover for the last financial year, with an announcement on PEP delayed while the firm finalises its 2009-10 figures. The top 10 UK law firm saw revenues fall by 2% to £307m from the £314m taken in during 2008-09.
The firm is currently finalising this year's PEP, with a decrease on last year's figure of £517,000 expected.
Norton Rose chief executive Peter Martyr said: "While I dislike even a small turnover decline, in business terms I am comfortable with this result."
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