BLP unveils 6% rise in revenues at half-year point
Berwin Leighton Paisner has revealed a 6% increase in revenue at the half-year point. The firm declined to reveal its H1 reveune however aside from the percentage increase; however the results follow a series of disappointing financial results for BLP in recent years. In September the firm confirmed that its average profit per equity partner (PEP) for 2012/13 had dropped by nearly 40%. Following months of speculation about the scale of its profit decline BLP revealed that PEP stood at £401,000, down 39% from £660,000 in 2011/12. In addition net profit dropped 38% to £39.4m, from £63.6m last year.
December 02, 2013 at 10:11 AM
2 minute read
Berwin Leighton Paisner has revealed a 6% increase in revenue at the half-year point.
The firm declined to reveal its H1 reveune however aside from the percentage increase; however the results follow a series of disappointing financial results for BLP in recent years.
In September the firm confirmed that its average profit per equity partner (PEP) for 2012/13 had dropped by nearly 40%.
Following months of speculation about the scale of its profit decline BLP revealed that PEP stood at £401,000, down 39% from £660,000 in 2011/12. In addition net profit dropped 38% to £39.4m, from £63.6m last year.
BLP's full financial year results for 2012-13 saw the firm report a 5% drop in revenue for the year after taking in a total of £233m.
The poor financial results have prompted a review of the firm's under-performing finance practice, following the departure of group head Matthew Kellett. Former Clifford Chance managing partner Tony Williams, now of legal consultants Jomati, is leading the review.
Neville Eisenberg (pictured), managing partner BLP said: "We had a good first half and activity levels in the firm continue to be encouraging. Over the first six months our offices outside London experienced strong growth. London also performed well with our litigation and real estate departments having a particularly busy six months."
BLP is the latest firm to unveil revenue rises of more than 5%, with Allen & Overy and DAC Beachcroft announcing increases of 7.5% and 7% respectively.
DWF has shown the most marked improvement of any firm to announce its six-monthly figures. The national firm posted a 57.5% increase in billing at the year's halfway point, having brought in £93.6m compared with £59.4m at this stage last year.
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