BLP posts 5% revenue decrease as firm remains tight-lipped on PEP dip
Berwin Leighton Paisner has reported a 5% drop in turnover, posting revenues of £233m for the 2012-13 financial year. The figure is down 5% on last year's £250m when the firm saw an 8% rise in turnover http://www.legalweek.com/legal-week/news/2184033/blp-announces-revenue-growth-firm-nears-gbp250m-mark.
July 19, 2013 at 01:42 PM
2 minute read
Berwin Leighton Paisner has reported a 5% drop in revenues after taking in a total of £233m for the 2012-13 financial year.
The figure is down on last year's figure of £246m, after revenues rose 7.4% during 2011-12.
The firm declined to reveal this year's profits per equity partner figure; however, at the beginning of June Legal Week reported that partners at the firm had said profits per equity partner (PEP) could be down by as much as 50% this year. This could take PEP down to around £330,000, compared with a figure of £660,000 in 2011-12.
Earlier this month BLP confirmed it had cut all of the 102 jobs which it placed under review back in May, with 58 legal staff and 44 secretarial staff laid off. The redundancy programme, which was announced on 14 May, lasted for 45 days, and saw 84% of those laid off take voluntary redundancy.
The review also included further redundancies in business services, the exact number of which the firm was not able to confirm, except to specify that it had made a 15% reduction in total salary costs.
The firm also earlier this year delayed its annual bonus payments to senior equity partners, citing unsettled market conditions.
Related: BLP real estate team to feel brunt of cuts as partners predict sharp PEP dip.
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