Burness Paull profit falls 2% but PEP and revenue hold steady
Profit falls to £22m as growth slows amid a downturn in the Scottish economy
August 22, 2017 at 08:56 AM
2 minute read
Burness Paull has posted a 2% drop in profit for the 2016-17 financial year against a modest rise in revenue.
Profit fell 2% from £22.5m to £22m. However, the firm held its revenue steady at £53.8m, which marked a 1% increase on last year's £53.3m.
Despite the fall in profit (before tax), profit per equity partner (PEP) rose slightly £452,791 from £451,307.
This was due in part to a fall in equity partner numbers which dropped from 52 to 49, a 6% decrease.
This compares to a sharper drop in PEP in 2015-16 of 7% against a 4% increase in turnover.
The firm's chairman Philip Rodney said: "We have delivered a steady financial performance in what has been a bumpy year for the Scottish economy. There will undoubtedly be more challenges to come as a result of the political and economic backdrop. However there will be opportunities for those who are prepared to be bold and embrace the future."
In the past year, the firm has added eight partners, including five internal promotions across its pensions, retail, procurement, banking & funds and product liability practices.
Lateral hires include real estate partner Nicky Clemence who joined from Brodies and disputes partner Jody Crockett who joined from Freshfields Bruckhaus Deringer in London where he was a senior associate.
Speaking to Legal Week, Rodney said that the firm has an "ambitious three-year strategy" and that the firm has identified "energy, technology and tax as areas we will see substantial growth".
He also said that the firm's international strategy was an important component of future growth.
"We are heavily invested in our international strategy, about two fifths of what we do has an international dimension, either acting for Scottish clients looking beyond their borders or targeting inward investment," he added.
Last month, rival Scottish independent Brodies posted an increase in revenue of 2.4% for the 2016-17 financial year to reach a record high of £66.7m, up from £65.1m in 2015-16.
Maclay Murray & Spens announced last month that it was merging with global giant Dentons in a move that will see the £45m Scottish firm absorbed into Dentons UKMEA LLP.
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