Bevan Brittan sees revenues dip 9% while PEP rises to £303,000
Bevan Brittan has seen its revenue for the last financial year drop by 9% to just over £34m.The Bristol firm has posted revenues of £34.3m compared with £37.7m in 2009-10, with the firm attributing the drop in fee income to public spending cuts and the generally poor economic conditions.
May 13, 2011 at 10:30 AM
2 minute read
Bevan Brittan has seen its revenue for the last financial year drop by 9% to just over £34m.
The Bristol firm has posted revenues of £34.3m compared with £37.7m in 2009-10, with the firm attributing the drop in fee income to public spending cuts and the generally poor economic conditions.
Despite the dip in turnover, profit margins increased to 23.5% giving the firm net profit of £8.2m, with profits per equity partner (PEP) increasing by 7% to £303,000. The firm's profit-level means it will be distributing a bonus to employees once the accounts have been audited.
Chief executive Andrew Manning said: "As a leading public services law firm, 2010-11 has been challenging for us, with the change in Government and the steps to reduce the budget deficit through the Comprehensive Spending Review, leading to a series of policy changes and/or delays in decision making that impacted core areas of work – the changes to the Building Schools for the Future programme being a prime example.
"This, coupled with tough economic conditions in general, and the run off of our decision in preceding years to exit some markets and services to focus on the public services arena where we are market leaders, meant that our revenues for 2010/11 fell by 9% to just under £35m."
Last year Bevan Brittan saw turnover drop by 8.2%, while PEP increased by 43%. In September the firm launched its third round of redundancies since 2008, with 25 people made redundant. The firm has 43 partners of which 20 are full equity, eight fixed-share and the rest salaried. Last year its 43 partners included 21 partners and 12 fixed share.
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