PEP jumps 57% at UK firm Matthew Arnold & Baldwin
Matthew Arnold & Baldwin saw turnover increase by 22 per cent in the last financial year, from £15.8m to £19.3m, while profit per equity partner shot up 57 per cent from £390,000 to £616,000.
The Lawyer points out that the increased PEP puts the firm above some of the UK top 20 for partner compensation, including Simmons & Simmons, Bird & Birdand Taylor Wessing.
The firm has nine equity partners in 2012-13, the same as the previous year, while the total number of partners shrank by two to 31.
The increase to PEP was reportedly not achieved through cuts to the partnership or restructuring, but via an ongoing cost-reduction strategy, an increase in banking and finance work and the closure of its Milton Keynes office in 2011.
”We have won an increasing amount of litigation work from new and existing banking and finance sector clients and have seen the return of transactional work, especially in the last six to eight months,” said senior partner Steven Mills. “In addition, we have continued to benefit from the trend of clients giving work to regional firms that historically would have gone to larger London or magic circle firms.”