Withers posts 25% rebound in PEP following 8% revenue rise
Withers sees PEP rebound after 17% drop in 2015-16
July 24, 2017 at 07:51 AM
2 minute read
Withers CEO Margaret Robertson
Withers has seen its profit per equity partner (PEP) soar by 25% for the 2016-17 financial year, taking PEP up to £381,000, from £305,000.
The rise, which comes alongside a 25% hike in net profit from £26m to £32.5m, represents a significant improvement on 2015-16 when PEP fell 17% to £305,000. This fall in PEP came despite net profit increasing 14% to £26m.
Last week, Withers announced an 8% revenue rise for 2016-17 alongside the promotion of eight lawyers to its partnership, including six in London.
Turnover climbed to £174.5m for the year ending 30 June, up from £161.5m last year. The firm has grown consistently during the past 10 years, with revenues more than doubling since 2006-07, when the firm took in £78.2m.
The promotions, which took effect on 1 July, mark an increase on last year, when the firm made up seven lawyers.
Other UK firms to have announced their financials this month include Mills & Reeve, which posted a 7.8% rise last week in PEP to £403,000; specialist litigation firm Stewarts Law, which saw a 30% jump in PEP to £2m; and Travers Smith, which announced a 4.4% dip in PEP to just below the £1m mark at £970,000.
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