Manches reports 40% drop in net profits
Manches has recorded a massive tumble in net profits, which fell by 40% from £3.7m to £2.15m in the last financial year. Average profits per partner have also plummeted 42.6 per cent from £235,000 to £135,000. The last time the firm recorded profits per equity partner of below £200,000 was in 2004/05, when partners took home an average of £195,000.
The firm has seen better days, with the former CEO Judit Petho - who was appointed in October 2010 - leaving the firm a year ago. Her predecessor lasted just six months.