Quentin PooleNew questions are being raised about the profitability of Midlands giant Wragge & Co after the elite regional firm this month downgraded its profits for the 2001-02 financial year by more than £1m.

Financial results released for 2002-03 put the Birmingham-based firm’s average profits per partner up by 8.5% on the previous year to reach £255,000, with its turnover rising 2% to hit £79.3m.