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.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllHengeler Advises On €7B Baltica 2 Wind Farm Deal Between Ørsted and PGE
2 minute readIsraeli Firm Pearl Cohen Combines with San Francisco IP Boutique
Trending Stories
- 1Uber Files RICO Suit Against Plaintiff-Side Firms Alleging Fraudulent Injury Claims
- 2The Law Firm Disrupted: Scrutinizing the Elephant More Than the Mouse
- 3Inherent Diminished Value Damages Unavailable to 3rd-Party Claimants, Court Says
- 4Pa. Defense Firm Sued by Client Over Ex-Eagles Player's $43.5M Med Mal Win
- 5Losses Mount at Morris Manning, but Departing Ex-Chair Stays Bullish About His Old Firm's Future
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250