City firms in the chasing pack behind the magic circle have blamed growing competition in their sector and restructuring costs as the reasons for their poor financial results, following the tier’s showing in this year’s financial reporting season.
City firms Lovells, Denton Wilde Sapte and CMS Cameron McKenna all suffered drops in average equity partner profits, with Lovells seeing the figure plunge by 21% from £541,000 to £427,000 and Dentons witnessing a 14% fall from £325,000 to £279,000. Camerons also announced a 7% decrease in profits to £384,000, although it attributed the drop to changes in accounting methods.
