Wragges accounts show rises in revenue and PEP
Wragge & Co upped both revenue and profit per equity partner in 2012/13, according to accounts filed with Companies House. The firm has reported turnover of £120.5m for the 12-month period to 30 April, up on last year's total income of £118.2m.
December 23, 2013 at 10:02 AM
2 minute read
Wragge & Co upped both revenue and profit per equity partner in 2012/13, according to accounts filed with Companies House.
The firm has reported turnover of £120.5m for the 12-month period to 30 April, up on last year's total income of £118.2m.
Profits at the firm went up 5.5% from £38.1m to £40.2m, resulting in a 3% rise in PEP from £330,000 to £339,000. The firm's equity spread ranged from £125,000 to £560,000, slightly down on last year's range of £142,000 to £564,000.
Meanwhile operating profit increased by 5.5%, from £38.4m to £40.5m.
The report also contains the amount of profit share received by the highest paid member at the firm during the financial year, which stood at £560,000, down on the previous year when they pocketed £648,000.
The accounts show that the firm's average number of employees dropped from 988 to 960, with average legal staff headcount declining by 29 to 463. Wages and salaries in turn increased to £41.8m from £41.4m.
Meanwhile repayment of capital and business loans increased from £1.6m to £2.9m, while capital and loans introduced by the firm's members decreased from £2.95m to £1.7m.
Wragges is set to merge with Lawrence Graham (LG) on 1 May 2014. Partners voted in the combination earlier this month, which will create a £171m business named Wragge Lawrence Graham & Co.
By 2015 Wragges will move into LG's More London offices, after break options on leases allow the firm to move out of its City base. In April LG sub-let 20,000 sq ft of surplus space in More London to Bond Dickinson, leaving some excess space.
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