BLP reports PEP drop of nearly 40%
Berwin Leighton Paisner has posted nearly a 40 per cent drop in profit per equity partner since last year. This year's PEP figure stands at £401,000, down 39% from £660,000 in 2011/12. Meanwhile, net profit dropped 38% to £39.4m from £63.6m last year.
During an interview with Legal Week in August, BLP managing partner Neville Eisenberg said: "Because the market is so tight, the competitive environment has been especially tough. In London, there has been fierce competition at all levels.
"In the past five years, we've invested a lot in people from the very best firms. They have been getting up to speed and now we are competing for higher-quality work than we used to - part of the reason we found last year challenging."