Macfarlanes

Profit per equity partner (PEP) at Macfarlanes has stayed flat this financial year at £1.7 million, as revenue at the City firm grew by 7% to £216.9 million.

Macfarlanes' PEP has been increasing during the last couple of years, with this year's results coming on the back of a 25.6% PEP boost last year to £1.74m. In 2016, however, the firm's PEP had dropped by 16%.

Macfarlanes also announced that operating profit grew by 4.2% to £110.7 million, a slower growth rate than last year's 25% increase. But a spokesperson for the firm said the firm had more equity partners this year than last year, which led to the lack of a rise in PEP. The firm had 53 equity partners in the previous financial year, while on average in the most recent financial year it had 55.6.

Macfarlanes senior partner Charles Martin said in a statement: "The three main areas of our practice – transactional work, advisory and contentions – were all busy last year. It was good to see the practice continue to adapt to a competitive and changing market.

"There are obvious challenges ahead but we have made some important investments in the practice in recent times and are in good shape to meet them."