BLP shows signs of recovery with 35% PEP increase but figure still £100k down on 2011/12
Berwin Leighton Paisner has grown its profit per equity partner (PEP) by 35% over the last financial year, although the figure is still more than £100,000 down on its 2011/12 level.
May 20, 2014 at 06:15 AM
2 minute read
Berwin Leighton Paisner has grown its profit per equity partner (PEP) by 35% over the last financial year, although the figure is still more than £100,000 down on its 2011/12 level.
The firm's unaudited financial results, released today, show that PEP stood at £542,000 in 2013/14, up from £401,000 but still signifcantly short of the £660,000 achieved in 2011/12.
Turnover for the year was £246m – an increase of 6% on last year's figure of £233m and the same figure as that achieved in 2011/12.
While this year's PEP is not yet in line with previous levels, BLP managing partner Neville Eisenberg (pictured) said the results reflect the "resilience of the firm", despite it enduring a challenging year that saw a number of high-profile partner exits.
Eisenberg added: "Our international offices showed strong growth, with Russia and Germany turning in particularly good performances.
"Profit growth was generated from an increase in high quality client mandates, growth in international offices and cost savings. Our bank borrowings are significantly reduced. We continued to invest in developing high quality new solutions for clients, consistent with our commitment to market- leading innovation. Activity levels in the firm are strong and I am confident that we are well placed in our markets for the coming year."
In March the firm announced its plans to launch a low cost legal services centre in Manchester as part of a new four-strand approach to servicing clients.
As well as the new centre, which is expected to open in the summer, the firm's Lawyers On Demand business will be developed to include virtual transaction teams, the use of third parties to cut costs for clients and the expansion of its internal legal process improvement team to analyse and improve processes and workflows for clients.
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