DLA Piper posts 18% drop in PEP
DLA Piper has posted a one per cent drop in revenue in the 2009-10 financial year, while profits per equity partner fell by 18 per cent, from £645,000 to £527,000.
The drop in PEP is not attributable to growth in the equity partnership, with only one new equity partner in 2009 compared with 2008. The firm’s chief financial officer Paul Edwards commented that if the Middle East practice were removed from the equation, the PEP would have fallen by only three per cent; but with revenues from the region declining by 40 per cent this year, the drop was far more dramatic. Several rounds of redundancies have halved the number of fee-earners in the region to around 100.
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