Macfarlanes posts double digit increase in revenue and PEP
Macfarlanes has reported strong financial results for the 2012-13 financial year with profits up by 16% to £49.2 million, while turnover rose 11.7% to £114.2 million and profits per equity partner increasing by almost 10% to £989,000.
The figures don’t owe their provenance to a merger or harsh cost-cutting measures. RollOnFriday reports that senior partner Charles Martin said: “There's no magic in this. It's down to hard work by talented lawyers and working with great clients."
Meanwhile, shipping specialist Holman Fenwick Willan posted profit growth of 17%, to £38 million, though the average pay per equity partner grew by a more modest sum of £5000, to £530,000. Roll on Friday points out that part of the increase in profit looks due to wage bill slashing as 31 lawyers were lost from the London office over the year.