Berwin Leighton Paisner posts 8% drop in PEP as revenue climbs 7%
Firm sees PEP fall to £630,000, down from £683,000 in 2015-16
July 06, 2017 at 07:13 AM
2 minute read
Berwin Leighton Paisner (BLP) saw profit per equity partner (PEP) fall by nearly 8% in 2016-17 to £630,000, down from £683,000 in 2015-16.
The fall in PEP came despite a 7% hike in revenue during the same period to £272m, up from £254.4m.
In a statement, BLP said it saw strong performances from a number of London practice groups, with its real estate group in particular performing well. The firm made nine lateral partner hires during the last financial year and made its largest ever promotion round – promoting 17 new partners globally from May 2016.
Last year, the firm reported a 4% rise in PEP in 2015-16 against a 2% drop in revenue.
BLP managing partner Lisa Mayhew said: "These pleasing results are rooted in our determination to service our clients well through quality teams working together across our international network."
She added that the firm will be focusing on areas including technology and its process improvement service, Streamline Process Mapping Business, as well its flexible lawyer offering under LOD. The firm's strategy is focused around building its real estate, litigation and corporate risk, and corporate and finance practices, as well as three sectors: infrastructure, financial services and private wealth.
In addition to the lateral hires BLP made, it saw a number of partner exits during 2016-17. Legal Week reported in March that BLP had pulled out of trademark licensing and disputes work. As a result, the team, including IP head Simon Clark and IP partner Ian De Freitas, left the firm.
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